- LTC was down marginally within the final 24 hours.
- Indicators and market sentiment across the coin turned bearish.
Litecoin [LTC] buyers loved earnings final week because the coin confirmed indicators of resurgence. Was this due to Litecoin’s achievements, or was it simply an consequence of Bitcoin [BTC] gaining upward momentum? Let’s have a more in-depth take a look at what’s happening with Litecoin.
What’s up with Litecoin?
CoinMarketCap’s data revealed that Litecoin’s worth surged by greater than 3% within the final seven days. On the time of writing, LTC was buying and selling at $70.58 with a market capitalization of over $5.2 billion.
Although this at first look may look bullish, the episode might need simply been a consequence of Bitcoin’s worth good points. As BTC is the market chief, altcoins typically are inclined to observe the value motion of BTC. The truth is, Santiment additionally posted a tweet highlighting this chance.
⚡️📈 #Litecoin has had a gentle emergence, rebounding again above $70 for the primary time since January twenty second. For now, buying and selling quantity is somewhat dormant for the #19 ranked market cap asset. However monitor $LTC, as remoted pumps are sometimes predecessors for $BTC. https://t.co/xViUwnLeOt pic.twitter.com/BO8u1moQNN
— Santiment (@santimentfeed) February 9, 2024
It seems that Litecoin’s bullish streak has ended at press time. As per CoinMarketCap, LTC was already down by 0.5% within the final 24 hours. To higher perceive what to anticipate from LTC, AMBCrypto checked its metrics.
Going ahead
We discovered that LTC confronted a powerful resistance stage close to the $71 mark, which it had did not breach during the last week. Going southward, the coin has a help stage close to the $70.52 mark.
If the coin’s worth falls beneath that, it would set off an additional downtrend within the days to come back.
Supply: Hyblock Capital
Since there was a chance of a continued southward worth motion, AMBCrypto checked Litecoin’s each day chart. Our evaluation revealed that LTC’s Relative Power Index (RSI) registered a downtick within the current previous.
Moreover, its Chaikin Cash Circulate (CMF) additionally adopted an analogous declining route. These two indicators prompt that buyers may witness an additional downtrend, which could end in LTC plummeting under its help stage.
Nonetheless, the MACD remained bullish because it displayed a bullish higher hand out there.
Supply: TradingView
Like many of the market indicators, sentiment across the coin additionally remained bearish. Our evaluation of Santiment’s chart identified that after a spike on the eighth of February 2024, LTCs weighted sentiment went into the destructive zone within the following days.
Learn Litecoin’s [LTC] Value Prediction 2023-24
This indicated that buyers at giant weren’t assured in LTC and anticipated its worth to drop.
Whereas sentiment turned bearish, Litecoin’s social quantity remained excessive, reflecting its recognition within the crypto area.
Supply: Santiment