- LTC has fallen marginally over the past 24 hours.
- Indicators and market sentiment around the coin turned bearish.
Litecoin [LTC] Investors enjoyed gains last week as the currency showed signs of revival. Was this because of Litecoin’s performance, or was it just a consequence? Bitcoin [BTC] gain upward momentum? Let’s take a closer look at what’s going on with Litecoin.
What’s going on with Litecoin?
CoinMarketCaps facts revealed that the price of Litecoin has risen by more than 3% in the past seven days. At the time of writing, LTC was trading at $70.58 with a market cap of over $5.2 billion.
While this may seem bullish at first glance, this occurrence may simply have been a result of Bitcoin’s price gains. Since BTC is the market leader, altcoins often tend to follow BTC’s price action. Santiment even posted a tweet highlighting this possibility.
⚡️???? #Litecoin has had a mild rise, rising above $70 for the first time since January 22. For now, trading volume is fairly dormant for the No. 19-ranked market cap. But monitors $LTCof which insulated pumps are often the precursors $BTC. https://t.co/xViUwnLeOt pic.twitter.com/BO8u1moQNN
— Santiment (@santimentfeed) February 9, 2024
It appears that Litecoin’s bullish streak has ended at the time of writing. According to CoinMarketCap, LTC has already fallen 0.5% in the past 24 hours. To better understand what to expect from LTC, AMBCrypto checked the statistics.
Moving forward
We found that LTC faced a strong resistance level around $71, which was not broken over the past week. Towards the south, the coin has a support level around $70.52.
If the value of the coin falls below this, it could trigger a further downtrend in the coming days.
Source: Hyblock Capital
Since there was a possibility of a continued southward price move, AMBCrypto checked Litecoin’s daily chart. Our analysis showed that LTC’s Relative Strength Index (RSI) has been on a downward trend in the recent past.
Furthermore, the Chaikin Money Flow (CMF) also followed a similar downward trajectory. These two indicators suggested that investors could witness a further downtrend, which could lead to the LTC falling below the support level.
Nevertheless, the MACD remained bullish as it showed a bullish upper hand on the market.
Source: TradingView
Like most market indicators, sentiment around the coin also remained bearish. Our analysis of Santiment’s chart showed that after peaking on February 8, 2024, LTC weighted sentiment entered negative territory in the following days.
Read Litecoins [LTC] Price prediction 2023-24
This indicated that investors generally lacked confidence in LTC and expected its price to fall.
While sentiment turned bearish, Litecoin’s social volume remained high, reflecting its popularity in the crypto space.
Source: Santiment