- LTC has fallen slightly over the past 24 hours.
- Indicators and market sentiment surrounding the coin have turned bearish.
Litecoin (LTC) Investors enjoyed profits last week as the coin showed signs of revival. Was this due to Litecoin’s performance or just a result? Bitcoin (BTC) On the rise? Let’s take a closer look at what’s happening with Litecoin.
What happens to Litecoin?
CoinMarketCap’s data Litecoin price has surged more than 3% over the past seven days, it said. At the time of this writing, LTC was trading at $70.58, with a market capitalization of over $5.2 billion.
Although it may seem optimistic at first glance, this incident could also be the result of a rise in the price of Bitcoin. Since BTC is the market leader, altcoins often tend to follow BTC’s price movements. In fact, Santiment even posted a tweet highlighting this possibility.
⚡️📈 #Litecoin It showed a moderate rise, rebounding above $70 for the first time since January 22nd. Trading volume for the 19th largest asset by market capitalization is currently somewhat dormant. but monitor $LTCBecause isolated pumps are often the predecessors of $BTC. https://t.co/xViUwnLeOt pic.twitter.com/BO8u1moQNN
— Santiment (@santimentfeed) February 9, 2024
Litecoin’s bull run appears to have ended at press time. According to CoinMarketCap, LTC is already down 0.5% in the last 24 hours. To better understand what to expect from LTC, AMBCrypto looked at its metrics.
from now on
We find that LTC faces a strong resistance level around $71, which it has not been able to break over the past week. Further south, the coin has support levels near $70.52.
If the coin’s value falls below that, it could trigger further declines in the coming days.
Source: Hiblock Capital
AMBCrypto checked Litecoin’s daily chart as there was potential for the price to continue moving south. Our analysis shows that LTC’s Relative Strength Index (RSI) has been trending lower recently.
Chaikin Money Flow (CMF) also followed a similar downward path. These two indicators suggested that investors could witness a further downtrend, which could cause LTC to plummet below support levels.
Nonetheless, MACD remained strong, giving the market a bullish lead.
Source: TradingView
Like most market indicators, sentiment surrounding the coin remained bearish. Analysis of Santiment’s charts shows that after a surge on February 8, 2024, LTC weighted sentiment entered negative territory the following day.
read Litecoin (LTC) Price Prediction 2023-24
This indicates that retail investors were not confident about LTC and expected the price to fall.
While sentiment turned bearish, Litecoin’s social volume remained high, reflecting its popularity in the cryptocurrency space.
Source: Santiment