- LTC’s price had dropped by more than 6% in the last seven days.
LTC was mimicking its 2021 price action, hinting at a bull rally.
As a researcher with experience in cryptocurrency analysis, I’ve closely observed Litecoin’s [LTC] price action over the past year. While the coin remained relatively dormant, its latest datasets suggest an impending volatility and potential bull rally.
Over the past year, Litecoin‘s [LTC] price has been relatively quiet with minimal movement. Nevertheless, recent data indicates that this cryptocurrency could soon experience increased volatility and potentially set new record prices.
Litecoin’s dormant year
Based on data from CoinMarketCap, Litecoin experienced a significant decline last month, with its value dropping by over 6%.
Currently, Litecoin is being bought and sold for around $80.66. Its total worth in the market exceeds $6 billion, positioning it as the 19th largest cryptocurrency. The lackluster price movement during the previous year affected its appeal among investors.
According to AMBCrypto’s examination of Santiment’s findings, there was a significant decline in the coin’s social influence based on the data. Additionally, favorable opinions regarding the cryptocurrency dropped dramatically, indicating a loss of faith among investors in its potential success.
Although this situation could shift abruptly due to the development of a bullish trend on Litecoin’s price chart, which previously triggered a significant bull market. This bullish sign appeared on LTC‘s chart as early as 2018.
As a crypto investor, I’ve observed that after its initial surge, the price of Litecoin (LTC) entered a consolidation phase within a distinct pattern. Following this stage, LTC experienced a powerful breakout in 2021 which propelled it to reach new all-time highs during the subsequent months.
“LTC‘s positive development since early 2022 has seen it consolidate in a familiar pattern once more, with recent figures indicating that it may soon break through this stage.”
Based on my analysis, it appeared that LTC was poised for volatility in the near future and could potentially hit a new all-time high by 2024. Additionally, there was another promising indicator pointing towards a bullish trend.
As an analyst, I’ve examined the latest insights from AMBCrypto and Glassnode’s data. Notably, Litecoin’s reserve risk is approaching an all-time low. This observation could suggest that we might be on the brink of a bullish trend in the coming weeks for Litecoin.
What’s in store in the short term?
As a market analyst, I recognized that Litecoin’s price volatility was heightened. To assess whether a potential bullish trend was imminent, I examined its daily chart provided by AMBCrypto.
From my perspective as an analyst, the MACD showed a bullish edge in the market based on our assessment. Additionally, the Money Flow Index (MFI) exhibited a rise and moved farther away from the neutral threshold, suggesting a potential price increase.
But the Relative Strength Index (RSI) remained bearish as it rested under the neutral mark.
Read Litecoin’s [LTC] Price Prediction 2024-2025
Should Litecoin’s price head north, it could initially touch $83.6. At this point, the coin’s market liquidations may surge, potentially causing a brief price reversal.
A successful breakout above that resistance would clear this path towards $90 and $100.
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2024-05-13 13:11