The crypto market shifted to a bullish trend the very next day following Bitcoin‘s [BTC] latest halving event, enabling several digital currencies such as Litecoin [LTC] to deliver remarkable gains.
Based on recent information, it’s possible that LTC could experience a significant price increase of over 300%, marking the start of a potential bull market.
Litecoin bulls are back
Based on data from CoinMarketCap, Litecoin’s price has experienced a growth of over 9% in just the last seven days. Within the previous 24 hours, there was a nearly 4% increase in the coin’s value.
Currently, Litecoin (LTC) is being exchanged for around $85.37 in the markets, and its total value lies beyond $6.3 billion. This latest price surge enabled Litecoin to surpass a prolonged bullish trendline.
Recently, World of Charts, a well-known cryptocurrency analyst, drew attention to the fact that Litecoin (LTC) has surpassed the boundaries of a long-standing Symmetrical Triangle chart configuration.
This suggested that the coin’s price might as well rally by more than 300% in the weeks to follow.
According to AMBCrypto’s examination of Santiment’s statistics, there was a rise in the coin’s value coinciding with an uptick in significant investor transactions. This trend was indicated by a notable increase in whale transactions recorded over the past week.
An increase in price not only resulted in a positive MVRV ratio for LTC, but at the current moment, this ratio stood at 6.16%, indicating that more investors were making a profit.
Litecoin’s rally to last?
According to AMBCrypto’s analysis of Glassnode’s data, the network-to-value ratio for Litecoin experienced a significant decrease on April 20th – an indicator often seen as bullish in cryptocurrency markets.
In simpler terms, when the value of a metric goes down, it could indicate that the asset is being underestimated by the market. This suggests that the ongoing bull market may continue for a longer period.
After examining Litecoin’s daily chart more closely, we noticed that the Chaikin Money Flow (CMF) had significantly increased and was on its way to surpassing the neutral level as of now.
The price of LTC was approaching its 20-day Simple Moving Average (SMA), and if it managed to surpass this level, there could be further price growth.
Read Litecoin’s [LTC] Price Prediction 2024-25
Yet, the Money Flow Index (MFI) for the coin decreased, suggesting that Litecoin’s bullish trend may weaken in the near future.
Despite the price increase in LTC recently, there was still a pessimistic attitude among traders regarding its market value. This was clear from the decline in its overall sentiment measurement on April 20th.
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2024-04-21 12:07