.jpg)
- Litecoin fell by 5.64% in 24 hours.
- Various technical indicators showed a potential reversal as whales pile up further.
Litecoin [LTC] It has seen a significant price drop over the past seven days. During the same period, it decreased by 7.84% while it decreased by 5.64% within 24 hours.
At press time, LTC is trading at $72.98 with a 121.34% increase in trading volume to $558 million in the past 24 hours. according to CoinMarketCapLTC’s market cap fell 5.6% to $4.5 billion at press time.
Source: Trading View
AMBcrypto analysis indicated that LTC was struggling to build a swing to the upside. Prices faced tremendous pressure, with the local low support level at around $70.89 and the resistance level at 80.29.
As price consolidation continues, the price is in a position to fall below the $70.89 support level.
Market pressures are pushing prices lower, and if this downtrend continues, the new support level will drop to around $63.46.
However, the 121% rise in trading volume showed that bears were trying to hold on to current prices, leading to consolidation.
Source: Trading View
The RSI was at 29.52, and the RSI-based moving average was at 40.70. When the Relative Strength Index (RSI)-based moving average drops below the MLA level, it has shown a strong downtrend. An RSI falling below 30 means that LTC is oversold.
The oversold area is usually a sign of a reversal, as the price could bounce back in the near future. The oversold zone provides buying opportunities as prices recover from oversold conditions.
Litecoin: Potential Rise?
Source: Santiment
According to Santiment, LTC has seen a significant surge in active addresses. The number of active addresses increased from 3.13 million to 4.54 million between June 7 and 15, by 45%.
An increasing active headline in the past seven days is a good indicator of positive market sentiment. Overall, increased activities show better interest and confidence towards LTC.
Source: Santiment
It is worth noting that the data on whales with more than $5 million worth shows an increasing interest and confidence in LTC. At the time of writing, whales held 52.513% of the total supply.
As of June 13, the total supply held by whales increased from 52.06 to 52,513 on June 15. During this period, there was an increasing positive sentiment caused by accumulation and decreased selling.
Realistic or not, here it is The market capitalization of LTC in terms of BTC
Will downward trends continue?
LTC has seen a volatile market in the past seven days, falling from a recent high of $85.5 to $72.28. If the negative trend continues, LTC will record a new low at $63.58, thus creating a new support level.
However, if positive market sentiment continues, LTC will reverse to an uptrend to $85.96, maintaining that Bitcoin [BTC] It is recovering from its current decline.
