Assessing Litecoin’s next moves: Rise to $90 or fall to $80?

As a seasoned crypto investor with a keen interest in Litecoin (LTC), I’ve closely monitored its recent price movements and market indicators. Last week, LTC showed some signs of bullishness, but the momentum didn’t quite reach the $90 mark. The coin’s price touched $78 on May 15th, but it quickly regained strength and moved northward.

Last week, Litecoin [LTC] bulls held back from making significant gains, with the cryptocurrency failing to surge dramatically in value. Can we expect a change in trend for LTC during the upcoming week and witness a recovery above the $90 mark?

Litecoin’s weekly pump

On May 15th, according to CoinMarketCap’s figures, Litecoin’s value dipped down to $78. But afterwards, the cryptocurrency experienced a surge in buying pressure, causing its price to trend upward.

In the past week, the value of the coin has risen by more than 2%. Nevertheless, its upward trend appears to have slowed down within the last day. Currently, it is being exchanged at a price of $83.81 and boasts a market capitalization surpassing $6.2 billion.

As a dedicated crypto investor, I’ve been closely following the insights shared by renowned analyst, Cryptowzrd. In his latest tweet, he provided an in-depth analysis on the recent trends and potential future movements of Litecoin (LTC).

Based on the tweet, I observed that Litecoin (LTC) ended the previous trading day without clear direction and was hovering around the midpoint of its daily price range.

As a crypto investor, I’ve noticed that the tweet hinted at the possibility of a bull rally pushing Litecoin (LTC) prices up to around $94. However, if the market takes a turn for the worse and LTC follows suit, its price could dip down to find support near the $80 mark.

LTC to $80 or $90?

As a data analyst, I examined Litecoin’s (LTC) metrics when the cryptocurrency was facing uncertainty, with potential outcomes of either surpassing $90 or plunging to $80.

Based on our examination of Glassnode’s data, it was found that the NVT ratio for Litecoin experienced a significant decrease. A reduction in this specific indicator suggests that the asset may be underpriced, potentially signaling a downward trend in its value.

Furthermore, the reserve level of LTC was close to reaching a record low, indicating a potential surge in bullish price action for the coin.

To begin with, this metric measures the degree of conviction among long-term investors compared to the current market price of the native cryptocurrency.

Assessing Litecoin’s next moves: Rise to $90 or fall to $80?

Last week, there was a noticeable increase in whale interactions with the cryptocurrency, as indicated by a higher number of whale transactions. Additionally, the MVRV (Market Value to Realized Value) ratio showed a positive sign, having risen.

Despite a negative outlook on the coin, its Weighted Sentiment indicated a decrease, signaling continued pessimism among investors.

Assessing Litecoin’s next moves: Rise to $90 or fall to $80?

Some market indicators, similar to metrics, continued to show positive signs. For example, the Relative Strength Index (RSI) hovered above the threshold of 50.

Moreover, the Chaikin Money Flow (CMF) also registered an uptick, hinting at a price increase.

Despite the Bollinger Bands indicating that LTC‘s price was in a less volatile range, it reduced the likelihood of an extraordinary price surge.

Read Litecoin’s [LTC] Price Prediction 2024-2025

As a crypto investor, if Litecoin begins to exhibit bullish signs, it’s essential for the coin to surpass the resistance level of $85 in order to make a run towards $90. Previously, hitting this price point triggered significant liquidations, leading to a potential correction in the market price.

Instead of heading northwards and relying on LTC‘s support at $80, a shift towards the south could result in a further price decrease for the coin, potentially reaching $78 if the support fails to hold.

2024-05-20 06:15

Litecoin’s weekly pump

LTC to $80 or $90?

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