Litecoin (LTC) Price Analysis: Stasis Precedes a Breakout as Bulls and Bears Wrestle for Dominance

Litecoin [LTC] has been hovering in between two support levels since the 6th of June. The price then plummeted by 11% to the $71 support level

Litecoin [LTC] has been hovering in between two support levels since the 6th of June. The price then plummeted by 11% to the $71 support level, from where it retested and reversed.

LTC has been accumulating bullish momentum since the 18th of June.

At the time of writing, CoinMarketCap noted Litecoin to be trading at $74.05, up by 1.81% over the last 24 hours and down by 5.86% over the last seven days.

Its market capitalization was noted to be $5.55 billion, while trading volume had slipped by 23.20% to hit $272.5 million over the last 24 hours. This indicated that LTC was bearish over the long term, but bullish pressure was accumulating in the short term.

The stochastic RSI (46.94) had crossed from an oversold zone to a neutral zone. This could suggest that following a reversal, the price may surge, albeit with diminishing bullish momentum.

The moving average divergence convergence showed a number of bearish histograms. Unlike the stochastic RSI, the MACD indicates a bearish signal.

A tale of two trends

AMBCCrypto’s analysis of the Santiment’s data indicated a fascinating interplay between active addresses and circulation. The Active Addresses had several spikes, while the Circulation showed periodic spikes.

This divergence hinted at a complex market dynamic, where increased user activity doesn’t necessarily translate to higher trading volumes

Source: Santiment

The MVRV (Market Value to Realized Value) Long/Short Difference indicated an upward trend since March. After a sharp ascent in March, the MVRV has been on a steady decline.

This decline in MRVT suggested a potential cool-down in long-term holder sentiment. The bearish signal could lead to further price pressure on Litecoin.

Source: Santiment

The fluctuating active addresses, MVRV ratio, and technical indicators all showed mixed signal. This suggested that Litecoin was at a critical point, where investors were indecisive on whether to take long or short positions.

LTC will thus be seen to be largely stagnating around the levels before the market takes a side, and the “wait and see phase” will be determined by the winner between the bears and bulls.

News source：https://www.kdj.com/cryptocurrencies-news/articles/litecoin-ltc-price-analysis-stasis-precedes-breakout-bulls-bears-wrestle-dominance.html

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