- Market sentiment around Litecoin remained bearish.
- A few metrics looked bullish, but indicators suggested otherwise.
As a seasoned crypto investor with several years of experience under my belt, I’ve seen the market ebb and flow with various trends. Litecoin [LTC], in particular, has always intrigued me due to its potential for explosive growth.
Over the past week, Litecoin’s [LTC] price has shown little movement or change. Yet, an intriguing development unfolded recently: LTC managed to surpass a bullish chart formation, suggesting that a shift in trend could be on the horizon.
If the coin tests that pattern, then investors might witness explosive growth in the coming weeks.
Litecoin prepares for a rally
According to recent data from CoinMarketCap, Litecoin’s price experienced limited change in the past week. At present, the cryptocurrency is being traded at a price of around $84.48, and its market capitalization exceeds $6.3 billion. As a result, Litecoin ranks as the 20th largest crypto by market cap.
The sluggish price action also had a negative impact on LTC’s market sentiment.
According to AMBCrypto’s examination of Santiment’s findings, the sentiment score for Litecoin (LTC) stayed in the negative territory. Notably, its social media activity, excluding a peak on the 7th of June, remained relatively low.
But things can turn volatile soon.
Recentely, the well-known crypto analyst, World Of Charts, drew attention to an intriguing occurrence through a tweet.
Based on the tweet’s content, I, as a researcher, interpret that Litecoin (LTC) has surpassed the resistance level of a bullish pennant formation on the chart. This potential price action could potentially lead LTC to reach the $120 mark within the upcoming weeks.
LTC’s price entered the pattern in March and since then has been consolidating inside it.
Odds of an LTC bull rally are…
As a crypto investor, I’ve noticed that Litecoin (LTC) has recently displayed a bullish breakout. Intrigued by this development, I decided to delve deeper and examine LTC’s on-chain metrics with the help of AMBCrypto’s analysis. The goal was to assess the likelihood that Litecoin could experience an explosive price surge in the near future.
Based on our investigation, there was a significant amount of whale interaction with the cryptocurrency coin during the past week. Furthermore, the coin’s Market Value to Realized Value (MVRV) ratio grew, indicating a positive trend.
At press time, the MVRV ratio had a value of 14.79%.
Additionally, the Fear and Greed Index of LTC stood at 46% currently, signifying a neutral market condition. A reading of 46% suggests potential volatility may ensue as this level typically represents a balanced emotion between fear and greed in the market.
To gain a clearer perspective on Litecoin’s future price movements, let’s examine its daily chart. For Litecoin to reach the $120 mark, it is essential that it surpasses its current resistance level at $89.48.
If LTC manages to surge past that particular threshold, there’s a good chance it may retake the $106 price point before hitting $120. Our analysis reveals that the Chaikin Money Flow (CMF) has slightly moved up from the neutral zone, indicating a potential bullish trend for Litecoin.
Realistic or not, here’s LTC’s market cap in BTC terms
Although other signs indicated that Long-Term Crypto (LTC) could take some time before becoming unstable.
As an analyst, I’ve observed that the Money Flow Index (MFI) experienced a decline in value recently. Additionally, the Relative Strength Index (RSI) currently hovers around the neutral threshold for me as an observer.
Read More
- DOGS PREDICTION. DOGS cryptocurrency
- SQR PREDICTION. SQR cryptocurrency
- KNINE PREDICTION. KNINE cryptocurrency
- TON PREDICTION. TON cryptocurrency
- HI PREDICTION. HI cryptocurrency
- LDO PREDICTION. LDO cryptocurrency
- METIS PREDICTION. METIS cryptocurrency
- EVA PREDICTION. EVA cryptocurrency
- STG PREDICTION. STG cryptocurrency
- UXLINK PREDICTION. UXLINK cryptocurrency
2024-06-08 00:07