{"id":334210,"date":"2023-08-10T10:00:15","date_gmt":"2023-08-10T04:30:15","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=334210"},"modified":"2023-08-09T22:26:21","modified_gmt":"2023-08-09T16:56:21","slug":"litecoin-can-bulls-use-80-support-as-a-springboard-for-another-rally","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/litecoin-can-bulls-use-80-support-as-a-springboard-for-another-rally\/","title":{"rendered":"Litecoin: Can bulls use $80 support as a springboard for another rally?"},"content":{"rendered":"<p><i data-stringify-type=\"italic\">Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer\u2019s opinion.<\/i><\/p>\n<ul>\n<li><em>Bulls look to use a familiar support level to reverse July losses.<\/em><\/li>\n<li><em>Mean coin age trended upwards to highlight bullish activity.<\/em><\/li>\n<\/ul>\n<p>Litecoin [LTC] bounced off the $80 psychological level, as bulls looked to put a gloomy July behind them. LTC had embarked on a significant bearish slide in July that erased all of its Q2 gains.<\/p>\n<hr \/>\n<p style=\"text-align: center;\">Realistic or not, here\u2019s<a href=\"http:\/\/ambcrypto.com\/calculator\/marketcap\" target=\"_blank\" rel=\"noopener\" data-wpel-link=\"internal\"> LTC market cap in BTC<\/a> terms<\/p>\n<hr \/>\n<p>Bulls are looking to ride the market hype after Litecoin\u2019s <a href=\"http:\/\/ambcrypto.com\/litecoin-heres-what-followed-the-halving-event\/\" target=\"_blank\" rel=\"noopener\">halving event<\/a> on 2 August. Although the halving event saw a decline in its hash rate, Litecoin is banking on the growth of its mining sector to boost LTC\u2019s price in the long term.<\/p>\n<h4><strong>$80 psychological level rescues bulls again<\/strong><\/h4>\n<figure id=\"attachment_334211\" aria-describedby=\"caption-attachment-334211\" style=\"width: 1969px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/LTCUSDT_2023-08-09_14-02-00.png\"><img decoding=\"async\" class=\"size-full wp-image-334211\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/LTCUSDT_2023-08-09_14-02-00.png\" alt=\"Litecoin LTC price chart on dark background with green and red price bars\" width=\"1969\" height=\"1054\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/LTCUSDT_2023-08-09_14-02-00.png 1969w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/LTCUSDT_2023-08-09_14-02-00-300x161.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/LTCUSDT_2023-08-09_14-02-00-1024x548.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/LTCUSDT_2023-08-09_14-02-00-768x411.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/LTCUSDT_2023-08-09_14-02-00-1536x822.png 1536w\" sizes=\"(max-width: 1969px) 100vw, 1969px\" \/><\/a><figcaption id=\"caption-attachment-334211\" class=\"wp-caption-text\">Source: LTC\/USDT on Trading View<\/figcaption><\/figure>\n<p>Litecoin\u2019s price action on the 12-hour timeframe highlighted the importance of the $80 price level to bulls. Previously, it has served as a major rallying point for LTC after periods of intense selling pressure.<\/p>\n<p>A look southward showed the $80 price level sparking a bullish run in early May and late June. Bulls will be hoping for a repeat of the same after a 35% price dip in July.<\/p>\n<p>The on-chart indicators flashed encouraging signs. The Moving Average Convergence Divergence (MACD) posted a bullish crossover and a few green bars above the zero mark. Similarly, the Relative Strength Index (RSI) made a notable push toward the neutral 50 mark, hinting at growing buy pressure.<\/p>\n<p>However, the first obstacle in the way of bulls is the $85 resistance level. A session close above this level can see buyers target $90 &#8211; $95. On the flip side, a price rejection could see LTC fall into a range formation in the mid-term.<\/p>\n<h4><strong>Upward movement of mean coin age hinted at active bulls<\/strong><\/h4>\n<figure id=\"attachment_334212\" aria-describedby=\"caption-attachment-334212\" style=\"width: 2560px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Litecoin-LTC-14.27.47-09-Aug-2023.png\"><img decoding=\"async\" class=\"size-full wp-image-334212\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Litecoin-LTC-14.27.47-09-Aug-2023.png\" alt=\"\" width=\"2560\" height=\"867\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Litecoin-LTC-14.27.47-09-Aug-2023.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Litecoin-LTC-14.27.47-09-Aug-2023-300x102.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Litecoin-LTC-14.27.47-09-Aug-2023-1024x347.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Litecoin-LTC-14.27.47-09-Aug-2023-768x260.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Litecoin-LTC-14.27.47-09-Aug-2023-1536x520.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Litecoin-LTC-14.27.47-09-Aug-2023-2048x693.png 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a><figcaption id=\"caption-attachment-334212\" class=\"wp-caption-text\">Source: Santiment<\/figcaption><\/figure>\n<p>The chances of a bullish recovery were boosted by Litecoin\u2019s on-chain metrics. Per <a href=\"https:\/\/app.santiment.net\/s\/OXC2LYxi\" target=\"_blank\" rel=\"noopener\">Santiment<\/a>, the 90-day mean coin age has been the rise since late July, showing an accumulation of LTC across the network.<\/p>\n<hr \/>\n<p style=\"text-align: center;\">How much are\u00a01, 10, or 100 LTC worth\u00a0today?<\/p>\n<hr \/>\n<p>Likewise, the 30d Market Value to Realized Value (MVRV) ratio\u2019s reading of 10% revealed that monthly holders were starting to realize profits. Together, this could enhance the chances of bulls embarking on a significant price reversal.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The critical $80 support level could come to the rescue of LTC bulls again. <\/p>\n","protected":false},"author":70,"featured_media":334213,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[31,41,18,66,3,23,4,20],"tags":[70,75,62,1146],"class_list":["post-334210","post","type-post","status-publish","format-standard","has-post-thumbnail","category-altcoins-news","category-analysis","category-hide-cryptopanic","category-new-news","category-news","category-no-home","category-social","category-trading-view","tag-litecoin","tag-litecoin-price-prediction","tag-ltc","tag-ltc-price-prediction"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Litecoin: Can bulls use $80 support as a springboard for another rally? 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