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DailyBubble News

Is Litecoin in danger of falling to $63? Breaking down the odds

Litecoin (LTC) has seen a significant decrease in price over the past week, with a 7.84% decline in the last seven days and a 5.64% drop in the last 24 hours. Currently trading at $72.98, LTC has experienced a 121.34% increase in trading volume to $558 million in the last day. According to CoinMarketCap, LTC’s market cap has also decreased by 5.6% to $4.5 billion.

Analysis from AMBcrypto suggests that LTC is struggling to build an uptrend swing, facing pressure with a support level around $70.89 and a resistance level of $80.29. The continued price consolidation may push LTC below the $70.89 support level, potentially dropping to $63.46 if the downtrend persists. Despite this, a 121% surge in trading volume indicates that bears are trying to maintain current prices through consolidation.

The Relative Strength Index (RSI) stands at 29.52, with the RSI-based Moving Average (MA) at 40.70. A bearish trend is indicated when the RSI-based MA falls below its MA, with the RSI below 30 signaling that LTC is oversold. An oversold condition often precedes a price reversal, offering buying opportunities as prices bounce back.

On a positive note, Santiment reports a significant increase in active addresses for LTC, rising from 3.13 million to 4.54 million in the past week, a 45% jump. This spike in activity reflects positive market sentiment and increased interest and trust in LTC. Additionally, data shows that whales holding more than $5 million worth of LTC have increased their accumulation, suggesting confidence in the cryptocurrency.

In terms of market performance, LTC has experienced volatility, dropping from $85.5 to $72.28 in the last week. A continuation of bearish trends could see LTC establish a new support level at $63.58. However, a positive market sentiment may lead to a bullish trend towards $85.96, especially if Bitcoin rebounds from its current decline.

Overall, Litecoin’s market performance is closely monitored, with potential for both downward and upward movements depending on market sentiment and trading activity.

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