• The market structure of Litecoin was bullish, with bulls attempting to push the price above $100.
• Bitcoin saw a small move upward from $22.8k to $23.2k, while Federal Reserve Chair Jerome Powell said 2023 could see a decline in inflation.
• Litecoin attempted to break out above $107 but faced some short-term resistance at $102.5, as well as bearish order blocks from early May 2022 around the $100 mark.
Litecoin Sees Bullish Market Structure
The market structure of Litecoin was bullish, with bulls attempting to push the price above $100. Bitcoin [BTC] saw a small move upward from $22.8k to $23.2k and Federal Reserve Chair Jerome Powell said 2023 could see a decline in inflation, although it could be a process that takes „quite a bit of time.“
LTC Attempts Breakout Above 107
Realistic or not, here’s LTC’s market cap in BTC’s terms: Litecoin [LTC] has bounced from the $95 region of support over the past few days, and looked set to break out above $107. On the four-hour chart, Litecoin bounced from a bullish order block formed at $95 and closed an H4 session above $100 but faced some short-term resistance at $102.5 due to bearish order blocks from early May 2022 around the $100 mark.
Bullish Momentum & Demand Behind Asset
The RSI saw a boost over the past couple of days and stood at 59.9 to show strong bullish momentum while Open Interest rose alongside these prices which showed capital entering the market and bullish intent Similarly, The rising OBV showed steady demand behind the asset fueling its rally further.. Therefore, possible take-profit areas for LTC bulls are levels like$106, 115 and 132 while a bullish retest of the$100 zone could be used to enter long positions
Spot CVD Suggests Distribution Above 90
While positive metrics indicated strength behind LTC’s rally ,the H1 spot CVD was in decline throughout February which coincided with its rejection from 102.5 and pullback to 94 . This suggested that there is distribution phase taking place . However potential growth remains as predicted funding rate disagreed with this metric .
How Much is 1/10/100 LTC Worth?
At writing time 1 LTC is worth about US$93 , 10 units are worth US$930while 100 units have value US$9300 .
