- If Litecoin turns bullish, the price could reach $94.
- Most market indicators and metrics seemed bullish on LTC.
Litecoin [LTC] Bulls were somewhat reluctant to show their full power last week as the price of the coin did not rise exponentially. Will next week be different for LTC and will the company be able to recover $90?
Litecoin’s weekly pump
CoinMarketCaps facts revealed that the price of LTC fell to $78 on May 15. However, the coin subsequently gained bullish momentum as the price chart moved north.
Over the past week, the price of the coin has risen by more than 2%. However, momentum has waned over the past 24 hours. At the time of writing, it was trading at $83.81 with a market cap of over $6.2 billion.
Meanwhile, CRYPTOWZRD, a popular crypto analyst, recently posted tweet showing an analysis of LTC performance.
According to the tweet, LTC closed the last day indecisive and trading in the middle of a daily range area.
The tweet also mentioned that if a bull rally occurs, the LTC could reach $94. But if LTC moves in the opposite direction, the price could drop to the support level near $80.
LTC to $80 or $90?
Since there were chances that the LTC would go above $90 or fall to $80, AMBCrypto then analyzed Litecoin’s statistics to see which outcome was more likely.
Our analysis of Glassnode’s data showed that LTC’s NVT ratio fell sharply. A decline in the benchmark means an asset is undervalued, indicating a price decline.
Furthermore, LTC’s reserve risk was also near all-time lows, indicating that the coin could soon gain bullish momentum.
To begin with, the metric is used to assess the confidence of long-term holders against the price of the native currency at a given point in time.
Source: Glassnode
Whale activity around the coin also remained high. This was clearly evident from the increase in whale transactions last week. Another bullish metric was the MVRV ratio, which registered an increase.
However, sentiment around the coin remained bearish, as evidenced by the drop in weighted sentiment.
Source: Santiment
Like the numbers, some market indicators also remained bullish. For example, the Relative Strength Index (RSI) rested above the neutral limit.
Moreover, the Chaikin Money Flow (CMF) also registered an upswing, indicating an increase in prices.
Nevertheless, the Bollinger Bands indicated that the price of LTC was in a less volatile zone, reducing the chance of an unprecedented price increase.
Source: TradingView
Read Litecoins [LTC] Price prediction 2024-2025
If Litecoin gains bullish momentum, it will be crucial for the coin to move above $85 to reach $90. This was the case because liquidation would increase at that level, which could lead to a price correction.
On the contrary, if LTC fails to test its support at $80, investors may witness a drop in the coin’s price to $78.
Source: Hyblock Capital