The LTC/USD closed at $127.634, after placing a high of $127.991, and a low of $123.691. LTC/USD remained green for the 5th consecutive session on Sunday, and rose above the $127 level, thanks to Litecoin, which enjoyed a strong round of accumulation from whales.
According to a blockchain analytics firm, Santiment, the Litecoin whales have increased their holdings by roughly 270,000 LTC, which is worth about $30,000,000, since the beginning of July. This statement added strength to the LTC/USD, which was already positive for the day, due to the prevailing market sentiment.
The whole cryptocurrency market experienced a bullish trend, which was set by the rising prices of the leading cryptocurrency. Bitcoin saw a surge in its prices as the investors seized the opportunity to enter the market after the crash below $30,000.
Bitcoin dropped below its key support level last week, which prompted many institutional investors to buy at the lower prices. Investors grabbed the opportunity and entered the market below the $30,000 level at higher volumes, which in turn lifted the prices higher and improved the market sentiment.
Furthermore, Bitcoin was also supported by the latest positive comments by Tesla and SpaceX CEO Elon Musk, who said that Tesla might start accepting Bitcoin payments for vehicle purchases once again, as the crypto mining process has started using more renewable energy.
At the Bitcoin conference, which goes by the name of The B-Word, the CEOs of Twitter, Ark Investment and Tesla talked positively about the digital currency coins and lifted the entire cryptocurrency market sentiment, which lent support to altcoins like Litecoin (LTC).
Moreover, the rising prices of the US dollar also failed to reduce the bullish momentum in LTC/USD, with Litecoin coming close to the $140 level on Monday, and moving continuously towards the $150 level in a bullish trend. The US Dollar Index reached above the 93.0 level, amid the risk-off market sentiment, but it failed to reverse the bullish momentum in LTC/USD.
Litecoin – LTC/USD – Daily Technical Levels
Pivot Point: 126.439
Litecoin – LTC/USD – Technical Outlook – Major Resistance at $139.22
On the technical front, trading in the LTC/USD coin is strongly bullish, at 136.910. On the 2-hour chart, the LTC/USD has closed bullish engulfing candles, indicating strong chances of a continuation of the bullish trend. However, the LTC/USD is now meeting resistance at 139.22. If Litecoin fails to break above this level, the odds of a bearish correction will remain high.
On the lower side, the LTC/USD coin may find support at the 135.10 level, and a bearish violation of this level could extend the selling bias until the 129.42 level. The MACD is still in a bullish zone, but the RSI is in the overbought zone. This indicates that the odds of a bearish correction remain high below the 139.22 level. Thus, let’s consider taking a sell trade below 139.22 and buy trade above the same level. On the higher side, the next resistance for the LTC/USD remains at 143.50 and 147.90. Good luck