The price of LTC Bulls Survive remains below the $80 mark, and trades are within a closed range with no significant movement. The ongoing trend leans toward the bear army and indicates that tumultuous sessions are anticipated. Litecoin (LTC) is trading below its key moving averages and is trying to maintain its position near the trendline support position of $78. The currency experienced a significant decline from its 100-day exponential moving average (EMA) mark this week, which resulted in a loss of more than ten percent of its gains.
That said, the price of LTC has not yet broken through the range neckline support of $75 and has maintained its position above it, indicating demand for the coin. When it comes to writing, the price action suggests that consolidation is occurring. Once LTC maintains and surpasses the $80 barrier, it can anticipate a significant recovery shortly.
Even though Litecoin has not performed as expected, the long-term projections continue to support the positive stance and indicate that the cryptocurrency may test the $100 mark again. Over the next few weeks, it is anticipated to continue riding on the bullish track.
With a decline of 0.90 percent during the trading day. The price of Litecoin (LTC) was trading at $79.02 at the time of this publication, indicating that the charts were neutral. The short-term consolidation is reflected in its monthly return ratio of -2.30% and a yearly return ratio of 1.90%.
There is a market size of $5.81 billion, and the price of the pair of LTC/BTC is currently 0.00118 BTC. Analysts have no consensus but believe the price may regain its previous gains and will attempt to retake the $100 mark in the upcoming sessions.
LItecoin Price Projection on Daily Charts
The daily charts indicate that the price of Litecoin did not reproduce any impulsive movement and instead remained stable. The range from $75 to $90 over more than two months. The price behavior of LTC in the previous sessions indicated that bulls and bears could not come to a consensus. However, the market was experiencing both highs and lows.
Similarly, the volume participation appeared to be satisfactory and stayed unchanged, marking an increase of more than 22 percent to $694.53 Million, indicating a consistent volume activity level. At the time of this publication, the Momentum oscillators are guiding a neutral perspective. The Relative Strength Index (RSI) curve remains below the midline region, and the Moving Average Convergence Divergence (MACD) indicator suggests that red bars are still forming on the histogram. A total supply value of 73.68 million and a volume-to-market cap ratio of 0.121 are associated with this cryptocurrency, which is ranked 23rd according to the market cap.
Analysts’ Take on Litecoin
Crypto tweeted it. Litecoin has been in the consolidation zone for a considerable amount of time, as demonstrated by Tony. It is now time to prove that it is comparable to silver and Bitcoin. In a tweet, the cryptocurrency known as @Litecoin said: “Litecoin is the most active blockchain in the world!!! Outperforming both Bitcoin and Ethereum in terms of active addresses today.
Now, Litecoin is being used by more individuals than any other cryptocurrency! There are 1.44 million addresses associated with Litecoin, whereas there were 794.21 thousand active addresses.
Underperforming Sharpe Ratio
A lack of performance has been evident on the Litecoin price charts for weeks, and the price has been falling. LTC trades in negative territory, and the Sharpe ratio indicator shows a negative reading. Bulls must work hard to keep their shine in the upcoming sessions. While $75 and $70 provide short-term support for Litecoin, $80 and $85 represent the main upward obstacles.
Also Read: Litecoin Price Prediction: LTC Rally Could Extend To $120
Summary
The price of Litecoin has remained below key moving averages and is approaching $75, the support level of the trendline. The market may soon retest the $82 level, as buyers are anticipating a substantial pullback.
