Litecoin (LTC) price has declined by 5.64% in 24 hours.
Various technical indicators showed a possible reverse with increased whale accumulation.
Litecoin (LTC) has experienced a considerable price decline in the last seven days. Over the same period, it has declined 7.84% while falling 5.64% in 24 hrs.
At press time, LTC was trading at $72.98 with a 121.34% increase in trading volume to $558M in the last 24 hrs.
According to CoinStats, LTC’s market cap has reduced by 5.6% to $4.5 Billion at press time.
Bitcoinworld’s analysis indicated that LTC was struggling to build an uptrend swing. The prices were facing massive pressure, with a local low support level of around $70.89 and a resistance level of 80.29.
With the continued price consolidation, the price is positioned to go below the $70.89 support level.
The market pressure is pushing prices down, and if such a downtrend holds, the new support level will fall to around $63.46.
However, the 121% surge in trading volume showed that bears were attempting to retain the current prices, resulting in consolidation.
The RSI was at 29.52, and RSI-based MA was at 40.70. When RSI-based MA goes below its MLA, it shows a strong bearish trend. The RSI falling below 30 means LTC Is in oversold territory.
The oversold territory is typically a sign of reversal, where the price can bounce back in the near future. An oversold territory allows buying opportunities as prices recover from oversold conditions.
Litecoin: Possible upswing?
According to Santiment, LTC has experienced a considerable surge in active addresses. Active addresses have increased from 3.13 million to 4.54 million between the 7th and the 15th of June, by 45%.
The increased active address in the last seven days is a good indicator of positive market sentiment. Broadly, heightened activities show improved interest and trust towards LTC.
Notably, data on whales holding more than $5 million shows increased interest and trust in LTC. At press time, 52.513% of the total supply was held by whales.
From the 13th of June, the total supply held by whales increased from 52.06 to 52.513 on the 15th of June. Over this period, there was increased positive sentiment implied by the accumulation and reduced sell-off.
Realistic or not, here’s LTC’s market cap in BTC terms
Will Bearish Trends Persist?
LTC has experienced a volatile market in the last seven days, falling from a recent high of $85.5 to $72.28. If the negative trend continues, LTC will record a new low of $63.58, thus establishing a new support level.
However, if the positive market sentiment persists, LTC will reverse into a bullish trend to $85.96, holding that Bitcoin (BTC) rebounds from its current decline.
