Litecoin Price Analysis: Could LTC Rally by 37% After Recent Drop?
Litecoin (LTC) price has recently experienced a significant market correction, reflecting a downward trend. The altcoin has slipped below the crucial $65 support level, signaling growing bearish sentiment among traders. This decline is part of a broader correction in the cross-border cryptocurrency market.
Litecoin Price Plunges, Triggers Massive LTC Short Liquidations
According to Coinglass data, the Litecoin price experienced significant liquidation events recently, notably a sharp peak around August 21, 2024.
On this day, a substantial volume of both long and short positions was liquidated, with a notable spike in trading volume occurring in tandem with a sharp fluctuation in LTC price.
The chart shows a spike in short liquidations amounting to over $666,000 across several exchanges, suggesting a sudden and sharp increase in LTC price that triggered these liquidations.
Litecoin Price Forecast: Can LTC Rally to $80?
LTC price plunged by 5% to $63.63 on Wednesday, reflecting broader market trends affecting other cryptocurrencies. With BTC price hovering below $60,000, investors are witnessing a period of significant fluctuation.
Over the past 24 hours, Litecoin has seen a low of $62.42 and a high of $66.16, indicating the volatility in the crypto market.
Over the past week, the price of Litecoin has surged slightly by 0.43%, following the recovery in the past few days. However, LTC has decreased 13% over the past month, underscoring its longer-term challenges amid broader market pressures.
Whale Activity and Liquidations Signal Market Volatility
According to Santiment data on the Litecoin price market, the number of large-scale transactions often aligns with significant price adjustments. There is a visible correlation between spikes in whale transaction activity and movements in the price of LTC.
Litecoin price prediction currently faces a downward trend, with the potential to revisit the $60 support mark. Increased selling pressure might further depress its value to $55, signaling a deeper bearish phase.
The 4-hour technical indicators for Litecoin show a notable downward trend. The Relative Strength Index (RSI) has seen significant shifts. Initially, the RSI dipped below the 40 mark at 32, suggesting a neutral rend, and if bears gain more, the trend could dip to an oversold region.
Conversely, overcoming the $65 resistance could spark a bullish wave, possibly lifting the Litecoin price towards $80. A sustained bullish effort might even propel LTC to the $100 level in an upcoming rally.
The post Litecoin Price Analysis: Could LTC Rally by 37% After Recent Drop? appeared first on CoinGape.
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