Previous article Litecoin remains bearish while record dormant coins move Next article Home Latest Cryptocurrency News Litecoin remains bearish while record dormant coins move Litecoin remains bearish while record dormant coins move By - min read Updated 23 July 2020 The price of Litecoin remains ranged under $45 as bears take control, with data showing the movement of dormant coins has hit a 9-month high Litecoin looked to have posted a decent pump against the US dollar in the last trading session, surging alongside Bitcoin to climb above $44.15. It was the highest LTC/USD price level in 30 days, the main hurdle to any upward movement coming at $45.71 over the past month. The top three cryptocurrencies are struggling at major resistance levels, with Bitcoin finding it hard to sustain gains near $9,400 and Ethereum struggling with resistance at $245. Ripple, now ranked fourth among the largest cryptocurrencies by market cap, has failed to rise above long term hurdle $0.20. VeChain, NEO, Dash, and Zcash are standout performers on Wednesday as of writing. LTC/USD price analysis In the early trading session, Litecoin price failed to extend gains above $44 and has at press time declined to trade at around $43.33. There is a bearish trendline formed on the 4-hour chart, with bulls facing make or break moves at the 24-hour previous high. This is the area currently seeing massive seller congestion. Here, the price is capped by the 50% and adjacent 76.4% Fibonacci retracement level of the downtrend, from highs of $45.71 to lows of $40.56. To stop further losses, bulls need to target prices above $44.50, a key resistance line that could see a rally to highs of $46 to open up a revisit of $50.00. The 7th largest cryptocurrency by market cap has touched a low of $43.20, with bulls likely to rely on a strong support base at around $42.80. A breakdown will see $41.50 serve as the next support level, which is currently formed on the daily chart. Looking at the daily chart, Litecoin price is poised at $43.50 and what happens in the next few sessions will provide further clues as to whether bulls have the energy to push for $45 or whether sellers will remain in control to see LTC/USD and LTC/BTC dip. LTC/USD price chart. TradingView Litecoin’s Age Consumed transfers hit 9-month high According to the on-chain data analytics firm Santiment, the movement of dormant coins by Litecoin holders has hit a 9-month high. The statistic shows that users have moved a significant amount of coins between addresses. Litecoin’s Age Consumed movement hit the highest level in 9 months. Source: Santiment Movement of previously idle coins in large quantities has in the past been a precursor to increased volatility. The number of active addresses has however dropped after surging to multi-month highs in early June. But the top 100 Litecoin addresses still hold the most coins, currently nearly 41% of active supply. Share this article Categories Analysis Tags Altcoin News Litecoin News Market