Recently, Litecoin (LTC) seems to have had a chance to rebound. Its price has continued to rise over the past three days, soaring 9.38% from a low of $96. Currently, LTC is trading at around $105, up 6.69% in the past 24 hours. This small rebound makes people wonder whether Litecoin's upward momentum can continue? Or is this just a short-term adjustment in the market, driven by new year speculative sentiment?
From a technical perspective, LTC's recent trend seems to be full of positive signals. Although LTC's weekly chart has fallen by 3.4% and its monthly chart has fallen by nearly 14% over the past period of time, the recent recovery shows that the market may be changing. According to AMBCrypto's analysis, the increase in buying pressure is driving Litecoin's upward momentum, and this market dynamic may mean that LTC will continue to rise.
A key technical signal is that Litecoin's **Stochastic Indicator (Stoch)** has shown a bullish crossover in the past 24 hours, which typically indicates that market upward momentum is beginning to strengthen, and prices may rise further. This signal represents a good 'buy' opportunity for many traders.
In addition, LTC's **Relative Strength Index (RSI)** also showed a bullish crossover, further confirming the market's buying enthusiasm. As buying activity increases, the likelihood of demand driving prices up becomes greater.
Notably, the recent upward momentum seems to be supported by 'whales'. In the past day, large transaction volumes of LTC surged by 31.3%. These whales appear very optimistic about Litecoin's future, expecting prices to rise further.
Additionally, the increased demand for long positions is also a signal of bullish sentiment in the market. According to Coinglass data, long positions currently dominate the market with 53%. This means that most investors expect the price of Litecoin to continue rising.
Finally, Litecoin's MVRV ratio (Market Value to Realized Value Ratio) has also recently shown an increase. Previously, LTC's MVRV had dropped to the undervalued region, but now this ratio has risen from 0.208 to 0.29. This indicates that, with increasing buying interest and decreasing selling pressure, Litecoin may be recovering from undervaluation, and the confidence of long-term holders is gradually strengthening.
If this bullish sentiment continues to dominate the market, LTC is expected to break through the resistance level of $115 and even further challenge $130. The only caution is that if bulls fail to maintain control of the market, LTC may retrace back to $96. Therefore, investors need to pay attention to further market changes to respond flexibly.
