Litecoin (LTC) has recently been testing the significant resistance level near $70, sparking debates among investors about the potential for an upward breakout. Despite a bearish trend over the past three months, there are signs of potential reversal as Litecoin stabilizes around key support levels. Litecoin (LTC) is currently trading at $68.24, just near the immediate resistance of $70.0.
The fourth-largest cryptocurrency by market capitalization has shown resilience as price action over the past few days pushes toward $70. Historically, this level has acted as a strong barrier to further upside, challenging bulls to push through and extend gains.
On the four-hour chart, LTC has consistently tested this resistance with bears being unable to gain control. At press time, Litecoin was trading above $68.52 after another failed attempt to break above $70. A move above this point could see it trade at levels not seen since early May.
Support Solidifies in Low-$60s Amid Lackluster Recovery
The MACD on the four-hour chart shows a build-up in buying pressure (the MACD line is above the signal line) but still close enough that it warrants caution. The RSI is sitting at 63.84, indicating neither overbought nor oversold conditions and supporting stability or slight upward movement.
Over the past two weeks, support for Litecoin has established itself in the low-$60s which acts as a safety net against significant downturns. This sets up a platform for buyers to stage an attack on the aforementioned $70 resistance level – if broken convincingly by sellers re-entering with force looking for liquidity down toward previous support zones.
Bearish Trends Wane Amid Rising Active Addresses
Investors have become increasingly cautious across cryptocurrencies over recent weeks amid wider macroeconomic drivers and industry-specific events impacting sentiment. This is exemplified by LTC’s inability thus far of showing any sustained meaningful higher high following its extended bearish phase; instead range-bound activity continues while market participants watch external pressures play out.
Going forward Litecoin will need to overcome $70 and flip it into support if we are to see any sustained buying. This will not only encourage further upside but may unlock levels unseen since February. Should this resistance prove too strong, then we can expect LTC to remain range-bound with possible dips back towards $62 as uncertainty persists.
According to data from Santiment, the number of active addresses on the Litecoin blockchain has more than doubled this month – from 345k in May to over 700k currently. This isn’t just a quantitative increase; it implies there has been significantly more transactional and interactive engagement across the network. Notably, LTC now boasts a higher number of active addresses than major cryptocurrencies such as BTC or ETH – highlighting its ongoing relevance and innovative footprint within digital assets.
