Litecoin (LTC) is on the move, striving to breach the $100 resistance point after rebounding sharply from a monthly low of $87. The digital currency is gaining traction, thanks in part to Litecoin miners putting a hold on their recent sell-offs. This pause in selling activity has led to a stabilization of LTC reserves and is lending optimism to the currency’s short-term price outlook.
Market trends show a distinct slowdown in miner distribution, with Litecoin’s reserves steady at about 1.35 million LTC since December 20. This restraint from miners often hints at expectations for future price increases, as the reduced selling pressure can help ease the downward trend.
Litecoin now faces a critical test: maintaining its foothold above the $100 mark. The next obstacle lies at the $115 resistance level, with trading volumes and indicators like the Volume Delta painting a tentatively bullish picture. If buyers maintain their enthusiasm, Litecoin could see further price improvements.
However, a reversal of fortune could see LTC falling back towards the lower support at $86.69, peering over the precipice of an $80 slide. Overall, Litecoin’s progress in the coming weeks will likely serve as a telltale for the currency’s mid-term direction in a competitive crypto landscape.
