- Market sentiment around LTC turned bullish on the charts
Though a few metrics were bearish, technical indicators supported the market’s bulls
As a seasoned crypto researcher with years of experience navigating the volatile and ever-changing digital currency market, I have to admit that Litecoin’s recent performance has left me intrigued and slightly bewildered. While the broader market has been grappling with bearish sentiments, LTC managed to surprise investors by pushing its price upwards.
Recently, many cryptocurrencies have experienced significant price decreases, largely due to bearish market conditions. Interestingly, Litecoin [LTC], bucking the trend, saw an increase in its price over the past 24 hours.
Litecoin surprises investors
According to CoinMarketCap’s data, while Bitcoin [BTC] and Ethereum [ETH] were experiencing losses on their daily charts, Litecoin [LTC] took a different approach. In the past 24 hours, this alternative coin surged by more than 3%. As of writing, LTC was being traded at $65.38 with a market capitalization over $4.89 billion.
As a result of the recent increase in price, I observed that Litecoin’s (LTC) overall sentiment has moved into positive territory. This shift indicates an uptick in optimistic feelings towards the token among investors. Moreover, LTC’s social volume has remained fairly consistent, demonstrating its continued relevance and popularity within the cryptocurrency market.
AMBCrypto assessed Litecoin’s on-chain data to find out what supported this recent price hike.
According to our study using Santiment’s data, it appears that the trading volume of LTC has consistently stayed elevated. Typically, an increase in both volume and price tends to serve as a strong base for a bull market. Additionally, its MVRV ratio shows signs of improvement – a positive indicator.
Will this trend continue further?
AMBCrypto then checked other datasets to find out the odds of this bull rally continuing.
Our look at Glassnode’s data revealed that LTC is approaching its possible market bottom of $72. If this metric is considered singularly, LTC might continue its journey towards a market top of $148 in the coming weeks or months.
However, everything wasn’t well for Litecoin in the short term.
For instance, its long/short ratio registered a decline. A drop in the metric means that there are more short positions in the market than long positions – A bearish signal.
Furthermore, as we speak, the Fear & Greed Index for Litecoin indicates a “greed” state. This implies that a potential price adjustment for Litecoin might occur in the near future.
Later, we examined Litecoin’s daily chart for signs of a potential bull run using various technical indicators. Although some metrics pointed towards bearish tendencies, overall, the technical analysis showed a bullish outlook. For instance, the Moving Average Convergence Divergence (MACD) displayed a bullish crossover on the charts.
Read Litecoin’s [LTC] Price Prediction 2024–2025
To put it simply, the Chaikin Money Flow (CMF) and the Relative Strength Index (RSI) both showed positive trends, with CMF experiencing an upward movement.
Based on these market signs combined, it seemed likely that the value of LTC could potentially increase even more for investors.
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2024-08-31 19:03