Litecoin Put To The Test: Can LTC Break Through $94?
The post Litecoin Put To The Test: Can LTC Break Through $94? appeared on BitcoinEthereumNews.com.
Litecoin (LTC), the cryptocurrency often dubbed “silver to Bitcoin’s gold,” has left investors scratching their heads this week. After a brief surge, LTC finds itself stuck in a price tug-of-war, with analysts divided on whether it will climb to $90 or fall back to its support level near $80. Mixed Signals Cloud Litecoin’s Future Last week’s price action for LTC was a rollercoaster ride – not the kind that sends investors screaming with joy, but a slow, rickety climb followed by a disappointing stall. Despite breaking the $80 barrier on May 15th, LTC’s momentum fizzled out, leaving it hovering around $83.81 at press time. Popular crypto analyst, CRYPTOWZRD, isn’t mincing words. Their recent tweet paints a picture of indecision, with LTC trapped in a price range between $80 and $94. A breakout, either bullish or bearish, seems imminent, but the direction remains a mystery. LTC Daily Technical Outlook:$LTC closed indecisively today and it is trading in the middle of a Daily range area. I will pay more attention to the intraday chart development tomorrow to get a quick scalp pic.twitter.com/T5hAFTndIu — CRYPTOWZRD (@cryptoWZRD_) May 19, 2024 To decipher LTC’s next move, analysts are turning to on-chain metrics – the digital breadcrumbs left behind by cryptocurrency transactions. Here, too, the picture is far from clear. Glassnode’s NVT ratio, a measure of undervaluation, is flashing red, suggesting a potential price dip. However, a low reserve risk metric hints at an upcoming surge in bullish sentiment. Whale activity, often a bullish indicator, remains high, and the MVRV ratio, which gauges profitability for long-term holders, has also taken an upward turn. Litecoin: Technical Indicators Offer Tentative Hope Meanwhile, technical indicators offer a glimmer of hope for LTC bulls. The Relative Strength Index (RSI) sits comfortably above the neutral mark, suggesting the coin isn’t overbought.…
Filed under: News - @ May 20, 2024 1:20 pm