How To Spot The Biggest Bullish Litecoin Price Picture Before The Ethereum Merger | Cryptocurrency

  • Litecoin price maintains its uptrend in a parallel ascending channel.
  • The Ethereum meltdown is only 3 p.m. away as the bleeding continues in the crypto space.
  • Litecoin sits above strong support at around $57.47 – confirmed by IntoTheBlock’s IOPMAP on-chain pattern.

Litecoin price is flirting with $60.00 after holding support around the same area. The token continues to form a higher high and low pattern despite numerous price corrections since its major support at $42.00 in June.

The biggest smart contract platform, Ethereum, is set to activate the biggest software upgrade in its history, called Merge, in about 15 hours from the date of writing. Ethereum developers have worked tirelessly to transition Ether from a proof-of-work (PoS) mechanism to a more energy-efficient proof-of-stake (PoS) consensus.

Market participants believe that the merger will have a positive impact on the price of Ethereum and the entire cryptocurrency market. However, efforts to push up prices were futile amid strong external forces like rising inflation, a possible economic recession in Europe and the Russian-Ukrainian war.

Read more: $69 Billion Wiped From Global Cryptocurrency Market 24 Hours Before Ethereum Merger

Litecoin price builds successive robust supports for its recovery journey

An ascending channel plotted on the LTC/USD daily chart reveals a generally bullish cryptocurrency asset. It should be mentioned that the price rarely moves in a straight line, so investors need to acclimate to frequent declines, especially in the ongoing bear market.

In other words, it can be rewarding to lower expectations while carefully examining the larger technical chart for Litecoin price. In addition to support from the lower boundary of the ascending channel, LTC has several robust support levels at the 50-day simple moving average (SMA) (yellow), holding at $60.00, the 100-day SMA (blue ) at $56.10, the congestion buyer at $48.00 and its main anchor at $42.00.

LTC/USD daily chart

Litecoin price must defend the support at $60.00 to guarantee an incoming uptrend reversal. The Moving Average Convergence Divergence (MACD) indicator above the middle line reinforces the uptrend. For now, all eyes are on the ability of LTC price to overcome stubborn resistance at the distribution chain – at around $63.00. If traders recover this level, $67.00 and $72.00 could be within reach.

Litecoin IOMAP on-chain model

Litecoin IOMAP on-chain model

A bullish outcome is likely if investors consider the support highlighted by IntoTheBlock’s IOMAP on-chain pattern between $56.98 and $58.83. Around 298,500 addresses had previously fetched 5.88 million tokens in this range. These holders are unlikely to give up their gains, especially with the price of Litecoin showing a potential bullish reversal.

On the upside, traders should not ignore seller congestion between $60.70 and $62.20. The 337,900 addresses that bought 4.99 million tokens could absorb the bullish building momentum, possibly delaying or sabotaging the impending upside move in Litecoin price.

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How To Spot The Biggest Bullish Litecoin Price Picture Before The Ethereum Merger | Cryptocurrency

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