Litecoin stagnates around $71 support level – Where will LTC go next?
The post Litecoin stagnates around $71 support level – Where will LTC go next? appeared on BitcoinEthereumNews.com.
Litecoin has been accumulating bullish momentum in the short term. Metrics indicated mixed signals. Litecoin [LTC] has been hovering in between two support levels since the 6th of June. The price then plummeted by 11% to the $71 support level, where it retested and reversed. LTC has been accumulating bullish momentum since the 18th of June. As of this writing, CoinMarketCap has Litecoin at $74.05, which is a 1.81% increase in the last 24 hours and a 5.86% drop in the last seven days. Its market capitalization stood at $5.55 billion, while the trading volume dipped by 23.20% to $272.5 million in the last 24 hours. This indicated that LTC is bearish in the long term, but bullish pressure is accumulating in the short term. Source: TradingView The stochastic RSI (46.94) had crossed from an oversold zone to a neutral zone. This could suggest that after a reversal, the price may surge, though with diminishing bullish momentum. The moving average divergence convergence showed a number of bearish histograms. Unlike the stochastic RSI, the MACD indicates a bearish signal. A tale of two trends AMBCrypto analysis of the Santiment’s data indicated a fascinating interplay between active addresses and circulation. The Active Addresses had several spikes, while the Circulation showed periodic spikes. This divergence hinted at a complex market dynamic, where increased user activity doesn’t necessarily translate to higher trading volumes Source: Santiment The MVRV (Market Value to Realized Value) Long/Short Difference indicated an upward trend since March. After a sharp ascent in March, the MVRV has been on a steady decline. This decline in MRVT suggested a potential cool-down in long-term holder sentiment. The bearish signal could lead to further price pressure on Litecoin. Source: Santiment Realistic or not, here’s LTC’s market cap in BTC terms What’s ahead for Litecoin? The fluctuating…
Filed under: News - @ June 24, 2024 12:56 am