TL;DR Breakdown
- The digital asset has maintained a consistent uptrend that saw it rally to its 2021 high of $236.
- Bulls are worried Litecoin might drop below the $180 support level.
- Santiment’s 30-day MVRV model (Market Value to Realized Value) signifies buying signals.
- The MVRV technical metric drove the value of Litecoin by 97% during the last LTC bull run.
Litecoin Price Prediction: Current Price Overview
Besides Litecoin, Cryptocurrency markets are facing a lot of selling pressure. But this is expected as is the nature of all financial markets.
Following a strong continued uptrend, cryptocurrency markets are also bound to decline. Besides, traders could be hitting their targets and closing trades which is eventually causing the Knock-On Effect. This is a situation where selling pressure heightens in a market after closing a trade. The selling pressure scares other traders into a panic, makes them sell off their digital assets and move to other markets.
Litecoin price is at the center of increasing selling pressure and more of it could pull the coin down to $161. If this happens, there is a likelihood of Litecoin (LTC) dropping by 35% and below $102.
Meanwhile, Litecoin is currently trading at $182.14. The coin has just marked its daily high at $184 after consolidating gains from a daily low of $178.38. Litecoin opened the daily chart at $171.92 and 6.03% net change. The 5-day chart is also important to note given we are only at the beginning of the month. It opened the 5-day chart at $175.35 and attained a monthly high of $195.36 on 3rd March. But Litecoin’s price rally is quite interesting. Here is why:
The coin was only $43 at the beginning of September. Just like Bitcoin, the digital asset maintained a consistent uptrend that saw it rally to its 2021 high of $236. It attained this high somewhere around mid-February. The digital asset attempted to maintain the $236 – $210 price range but ended up shedding over half its value. Litecoin hit $164.93 approaching the start of March. Sadly, the coin has not yet shown any signs of a rebound.
Bulls are worried Litecoin might drop below the $180 support level. January’s high of $177.48 shows the technicals rejected any bullish patterns to touch the $180. And it took some level of bullish pressure to dominate and push the price above this support and hit $236. Unfortunately, sellers are dominating the market. Hence there is less hope of driving the price past the $210 support
Litecoin Price Movement in the Last 12-Hours
(Source: TradingView )
Nonetheless, the technicals seem to be in favor of Litecoin’s short-term performance. The 100 moving average on the 12-hour chart has established a bullish defense mechanism, which seems determined to absorb the short-term selling pressure. Sure, there are slight pullbacks since the coin is just rebounding from a bottom of $153. Yet it’s worth noting a bounce from the lower trendline of the ascending parallel channel could drive a 70% gain and hit $279.
LTC/USD 4-Hour Chart
The 4-Hour chart seems less volatile and shows a coin attempting to stabilize its price. The percentage change is 0.44% from the opening price. You can also see the descending channel after Litecoin hit $183.34. The good news remains Litecoin is playing strongly around the $180 level – therefore proving fewer chances of the bears pulling the price downwards.
Litecoin Price Prediction: Conclusion
Despite huge selling pressure, Litecoin’s outlook seems pretty bullish. Santiment’s 30-day MVRV model (Market Value to Realized Value) signifies buying signals if history is a thing. The technical metric drove the value of litecoin by 97% during the last LTC bull run.
Conclusion
Short indicators are siding with the bears. The Relative Strength Indicator (RSI) shifted below 50, while the 12-hour and 4-hour momentums showed bearish patterns. However, the long-term position is a price consolidation momentum around the $200 support level.
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