After experiencing a notable market decrease over the weekend, the Litecoin price has experienced a recovery. This aligns with trends observed across other cryptocurrencies, which are also seeing a market rebound. This surge in prices comes despite recent market volatility, fueling investor optimism. 

Litecoin Price Trends Upward as Market Recovers

Most of the cryptocurrencies are currently witnessing a significant price rebound. Bitcoin has surged to well above $57,000. Ethereum has also shown impressive gains, climbing past $2,500. Meanwhile, Solana has experienced an 11% increase. These developments suggest a robust recovery in the crypto market, sparking interest among investors.

With the recent market surge, the latest figures from Coinglass have revealed a notable contraction in the Litecoin price derivatives market. Trading volume has plummeted by 55%, now at $278.28 million.

The open interest, which reflects the total number of outstanding derivative contracts, has decreased by 2.71% to $183.66 million. These statistics from Coinglass indicate that the current uptrend is weakening, suggesting investors are becoming more cautious.

Source- Coinglass

Is a Surge to $80 Realistic in Current Conditions?

Over the past 24 hours, the price of Litecoin has fluctuated within a range, hovering between a low of $56.60 and a high of $59.51. At the time of reporting, the LTC price hovered at $58.73, surging 2.56% during the European trading hours. 

Over the past week, LTC’s value has significantly declined, plunging by 18%. This downward movement took the cryptocurrency from a high of $71 to around $50. If the current market trends shift back to positive, LTC could surge to $80 in the next bullish run.

The 4-hour technical indicators for Litecoin price reveal signs of recovery. The Relative Strength Index (RSI) stands at 43.96, climbing from previously lower levels. This suggests increasing buying momentum. The Chaikin Money Flow (CMF) index remains positive at 0.04, indicating a steady capital inflow into Litecoin markets.

Litecoin Price Chart: Source| TradingView

According to DeFillama, the Litecoin has experienced a 3% decrease in its Total Value Locked (TVL), now at $3.01 million. Over the past 24 hours, transaction fees on the network amounted to $783. During the same period, active addresses reached 314,294, indicating robust network activity.

Source- defillama

However, if bears regain control and make a comeback, the Litecoin price prediction could break below the support level of $50. A further decline to $48 and possibly $45 could occur, signaling increased selling pressure.

The post Is Litecoin Price Gearing Up for a Significant Surge in This Weeks? appeared first on CoinGape.

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Filed under: News - @ August 7, 2024 12:25 pm