- LTC’s worth elevated by greater than 3% within the final seven days.
- Most indicators regarded bullish, however just a few metrics steered in any other case.
Litecoin [LTC] traders had a snug week because the coin’s worth surged. The weekly rally allowed LTC to reach a important degree that would quickly lead to an extra bull run if issues fall in place.
Therefore, AMBCrypto delved deeper into LTC’s present state to know what to anticipate from it.
Litecoin eyes $110
According to CoinMarketCap, Litecoin was up by greater than 3% within the final seven days. But the expansion charge declined up to now 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 really 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.
Last 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 reach new highs with $110 as its first goal.
Therefore, AMBCrypto checked LTC’s metrics to see whether 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.
Source: Santiment
Another bullish metric was LTC’s MVRV ratio, which went up in the previous few days. At press time, the metric had a worth of 8.49%.
However, not every little thing was wanting good for Litecoin. For occasion, the coin’s NVT ratio shot up sharply, that means that LTC was overvalued.
On prime of that, our have a look at Glassnode’s knowledge revealed that LTC’s reserve threat elevated. For the uninitiated, excessive reserve threat signifies a state of affairs during which confidence is low and worth is excessive.
This was bearish, as a hike within the metric usually leads to a worth correction.
Source: Glassnode
What to count on?
Thankfully, not like just a few metrics, most market indicators regarded optimistic. The MACD displayed a bullish crossover. Both its Money Flow Index (MFI) and Chaikin Money Flow (CMF) registered sharp upticks.
These indicators steered that Litecoin may quickly showcase a bull rally, which could enable it to reclaim $110 within the coming weeks.
Source: TradingView
Read Litecoin’s [LTC] Price Prediction 2024-25
While focus remained on LTC’s worth volatility, it was attention-grabbing to notice that the blockchain’s mining sector witnessed a slight setback.
According to Coinwarz’ data, LTC’s hashrate dropped considerably over the past seven days. At the time of writing, the blockchain’s hashrate stood at 1.01 PH/s.
