- LTC’s worth elevated by greater than 3% within the final seven days.
- Most indicators seemed bullish, however just a few metrics instructed in any other case.
Litecoin [LTC] traders had a snug week because the coin’s worth surged. The weekly rally allowed LTC to succeed in a important degree that might quickly lead to an extra bull run if issues fall in place.
Due to this fact, AMBCrypto delved deeper into LTC’s present state to know what to anticipate from it.
Litecoin eyes $110
In keeping with CoinMarketCap, Litecoin was up by greater than 3% within the final seven days. However the development charge declined previously 24 hours as its worth moved marginally.
At press time, LTC was buying and selling at $85.44 with a market capitalization of over $6.3 billion. The decline in volatility was not bearish, as LTC was truly consolidating close to a key resistance degree.
Crypto Rand, a well-liked crypto analyst, not too long ago posted a tweet highlighting that LTC’s worth was about to interrupt above resistance.
Final time, when LTC’s worth went above that mark, it allowed the coin to $110 at the start of April 2024. If historical past repeats itself, then traders may witness LTC attain new highs with $110 as its first goal.
Due to this fact, AMBCrypto checked LTC’s metrics to see whether or not a bull rally lies forward.
Our evaluation of Santiment’s knowledge revealed that whale exercise across the coin was excessive, as its variety of whale transactions elevated final week.
Supply: Santiment
One other bullish metric was LTC’s MVRV ratio, which went up in the previous couple of days. At press time, the metric had a worth of 8.49%.
Nonetheless, not every part was wanting good for Litecoin. For example, the coin’s NVT ratio shot up sharply, which means that LTC was overvalued.
On high of that, our take a look at Glassnode’s knowledge revealed that LTC’s reserve danger elevated. For the uninitiated, excessive reserve danger signifies a scenario by which confidence is low and worth is excessive.
This was bearish, as a hike within the metric typically leads to a worth correction.
Supply: Glassnode
What to anticipate?
Fortunately, not like just a few metrics, most market indicators seemed optimistic. The MACD displayed a bullish crossover. Each its Cash Movement Index (MFI) and Chaikin Cash Movement (CMF) registered sharp upticks.
These indicators instructed that Litecoin may quickly showcase a bull rally, which could enable it to reclaim $110 within the coming weeks.
Supply: TradingView
Learn Litecoin’s [LTC] Price Prediction 2024-25
Whereas focus remained on LTC’s worth volatility, it was attention-grabbing to notice that the blockchain’s mining sector witnessed a slight setback.
In keeping with Coinwarz’ data, LTC’s hashrate dropped considerably over the past seven days. On the time of writing, the blockchain’s hashrate stood at 1.01 PH/s.
