Litecoin Price Analysis: Top Factors Driving LTC On Path To $100
Litecoin Price Analysis: Over the past three weeks, the crypto market has seen reduced volatility, coinciding with fluctuating Bitcoin prices around the $70,000 mark. This period of uncertainty has resulted in a sideways trend across most major altcoins but Litecoin has faced increased selling pressure. After reaching a recent high of $89.6, the LTC price dropped 11.78% to $79. Will this correction deepen if the broader market continues its consolidation phase?
Also Read: Crypto Prices Today June 10: BTC & Altcoins Regain Momentum, NOT & OM Top Gainers
Litecoin Price Analysis: Is LTC Ready to Rebound?
The mid-term trend in Litecoin is bullish supported by an ascending trendline in the daily chart. The dynamic support assisting buyers with higher low formation indicates the buyers continue to accumulate the asset at market dip— a key sign of a sustainable uptrend.
By the press time, the Litecoin price trades at $79.57 and seeks support at the mentioned rising trendline. The long-tail rejection candle at the trendline indicates buying persists and buyers could now counterattack.
However, in recent insights shared by Trader Kamikaze, significant movements within the Litecoin (LTC) market have been highlighted. According to data from IntoTheBlock, approximately 432,070 addresses have accumulated 6.67 million LTC at an average price of $82, with the buying range spanning between $81 and $83. This accumulation indicates a substantial investment at these levels.
Also Read: Is Bitcoin Price Headed for $90,000? Shift in Market Sentiment as Whales Circle
#Litecoin Insight from @intotheblock !
Around 432,070 addresses snapped up 6.67M $LTC at an average price of $82, buying between $81 and $83.
If prices climb back to this range, expect some selling as investors aim to break even. https://t.co/G6GqZcThRX pic.twitter.com/s8YFreugJP
— 山丨ㄥㄥ Trader_Kamikaze
(@trader_kamikaze) June 10, 2024
Trader Kamikaze points out that if LTC prices return to this range, it is likely that some investors will sell to break even, potentially creating selling pressure. Therefore, a consolidation below $82 is expected this week. If the ascending trend manages to stabilize Litecoin, a potential rebound of 11% is possible to hit $88.7 resistance.
The coin price reverted twice from this resistance in five weeks indicating a high supply pressure for buyers. A bullish breakout from this barrier will signal a change in market sentiment from selling on rallies to buying on dips.
With sustained buying, the LTC price prediction hints at a rally to $100, followed by $112.8.
Technical Indicator:
- EMAs: A flattish 50-and-200-day Exponential Moving Average Accentuates the sideways action and no clear dominance from buyers or sellers to lead this asset.
- ADX: A sharp uptick in the daily Average Directional Index slope indicates the sellers hold sufficient momentum to lead a prolonged downfall.
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