• Litecoin [LTC] saw a bullish market structure with attempts to break through the $100 psychological level.
• Federal Reserve Chair Jerome Powell said 2023 could see a decline in inflation, although it could be a process that takes „quite a bit of time.“
• There is steady demand for Litecoin and its resistance points are at $106, $115 and $132.
Litecoin Market Structure
The market structure of Litecoin was bullish. The reaction at $95 and the attempts to push above $100 meant bulls have the upper hand on the four-hour chart. On the other hand, Bitcoin [BTC] saw a small move upward from $22.8k to $23.2k over the past few days.
Fed Chairman’s Statement
Federal Reserve Chair Jerome Powell said 2023 could see a decline in inflation, although it could be a process that takes „quite a bit of time.“ It remains to be seen whether the market views risk-on assets more favorably in the next couple of weeks.
The market reaction on 7 February suggested that crypto assets such as Litecoin [LTC] could see more gains in the coming days. The asset bounced from its support of $95, looked set to break out above $107, and knocked on the doors of resistance at $102.5 once more.
The RSI showed strong bullish momentum at 59.9 while rising OBV implied steady demand behind LTC fueling its rally further. Meanwhile, spot CVD dwindled during February which suggested distribution phase was in progress but Open Interest and positive funding rate hinted towards capital entering into the market with bullish intent
Above $106, stiff resistances lie at levels like$115 and$132 which can act as take-profit areas while entries into long positions can be made during bullish retest of$100 zone