Litecoin (LTC), according to analysts who analyze technical indicators and order flow data, could break above $60 in the ongoing price consolidation. Based on the charts, the current price movement is above $63, which is the highest level in the August 2022 range.
Current Data on LTC!
LTC formed a range of $50.5 – $63 in August 2022. The latest weekly candle closed above $63 from August 28th to September 3rd, proving that the bulls are willing to defend this level. Analysts analyzing the 4-hour charts note the presence of an H12 bearish order block (OB) near $68 and a dynamic resistance level of the 50-EMA exponential moving average at $65.
Since the extended price decline in mid-August, LTC has defended the highest level of $63 in August 2022. However, it has not been able to break above $70. Moreover, the bearish OB and the 50-EMA in the H12 could derail the bulls. Therefore, LTC could potentially break above $63 in the next few hours/days. On the other hand, a breakdown below $63 could lead to a decrease in value towards the mid-range of $57 or the lowest range of $50.5 and the combination of the weekly rising OB at $43 – $54.5.
Movement in LTC!
Meanwhile, the H4 RSI did not rise above the 50 level at the beginning of September, indicating weak buying pressure. However, the CMF crossing zero highlighted significant capital inflows into the LTC markets. According to the order flow monitoring platform Mobchart, significant sell limit orders were placed at $66 (3.11k LTC) and $70 (3.26k LTC) on the Binance Exchange spot market when the news was released.
The levels range between $70, which is the highest level in recent times, and the H4 50-EMA and the H12 bearish OB. Therefore, LTC may face difficulties in overcoming these obstacles. On the other hand, there were significant buy limit orders at $60 (3.59k LTC), $55 (4.94k LTC), and $50 (4.74k LTC). So if LTC falls to these levels, it could see a recovery. However, if BTC continues to consolidate above $25k, LTC could take a hint and push the price range above $60.
