Litecoin's rise over $90 boosts bulls

After the tariff-triggered fall, Litecoin rose above $63 on April 7, suggesting a long-term rally. After LTC broke above key levels including the resistance-turned-support at $80, the 50-day Exponential Moving Average (EMA) at $86, and the 100-day EMA at $92, this optimistic perspective emerged

A bullish engulfing candle pushed Litecoin beyond $92 on Tuesday, a 42-day high. LTC faces resistance at $93, supported by the 200-day EMA.

Bullish momentum from the Relative Strength Index (RSI) indicator's rise over the midline into overbought area increases LTC's chances of reaching $100, resistance last touched in early March.

Litecoin futures market Open Interest (OI) rose 17.73%, indicating a large increase in new holdings. OI, which measures contract count, increased due to trader interest. As Litecoin gathers momentum, traders may be planning for a run-up over $100.

As seen in the figure above, the 32.88% rise in trade volume to $1.45 billion boosts OI. Liquidation data reveals traders are confident and favor long holdings.

Over the last 24 hours, short liquidations ($1.60 million) have exceeded long liquidations ($370,000), indicating a short squeeze as prices rise and short sellers liquidate holdings. LTC approaches the resistance cluster between $92 and $95, adding upward pressure.

Litecoin's rally faces enormous supply.

IntoTheBlock's On-chain In/Out of the Money Around Price (IOMAP) indicator shows strong resistance for Litecoin between $92 and $95. If investors sell to break even, 204,000 addresses that acquired 6.83 million LTC in this area might disrupt the upswing.


Positively, Litecoin might break above the selling congestion region of $92-$95 and reach $100. The green circles in the graphic above show that Litecoin is on several demand clusters. On a retreat below $90, traders would seek for tentative liquidity-rich areas around $85 and $82.

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