- The price of LTC has increased by more than 3% in the last seven days.
- Most indicators seemed optimistic, but a few measures suggested otherwise.
Litecoin [LTC] investors had a comfortable week as the price of the coin soared. The weekly rally has allowed LTC to reach a critical level that could soon lead to further upside if things fall into place.
Therefore, AMBCrypto took a deeper dive into the current status of LTC to understand what to expect.
Litecoin Eyes $110
According to CoinMarketCap, Litecoin is up more than 3% over the past seven days. But the growth rate has decreased over the last 24 hours while its price has moved slightly.
At press time, LTC was trading at $85.44 with a market cap of over $6.3 billion. The drop in volatility was not bearish, as LTC was actually consolidating near a key resistance level.
Crypto Rand, a popular crypto analyst, recently published a https://twitter.com/crypto_rand/status/1783799574106099860/photo/1 highlighting that LTC price was close to breaking above resistance.
Last time, when the LTC price surpassed this mark, the token reached $110 in early April 2024. If history repeats itself, investors could then see LTC reach new highs with $110 as the first target.
Therefore, AMBCrypto checked LTC metrics to see if a bull rally is coming.
Our analysis of Santiment data revealed that whale activity around the coin was high, with the number of whale transactions increasing over the past week.
Source: Santiment
Another bullish metric is LTC’s MVRV ratio, which has been increasing in recent days. At press time, the metric had a value of 8.49%.
However, all was not looking good for Litecoin. For example, the coin’s NVT ratio rose sharply, meaning LTC was overvalued.
In addition to this, our review of Glassnode data revealed that the reserve risk of LTC has increased. For the uninitiated, high reserves risk indicates a situation where confidence is low and prices are high.
This was bearish, as a rise in the metric usually leads to a price correction.
Source: Glassnode
What to expect?
Fortunately, unlike a few indicators, most market indicators seemed optimistic. The MACD displayed a bullish crossover. Its Money Flow Index (MFI) and Chaikin Money Flow (CMF) both recorded strong increases.
These indicators suggest that Litecoin could soon experience a bullish rally, which could allow it to reclaim $110 in the coming weeks.
Source: TradingView
Read Litecoin [LTC] Price prediction 2024-25
Although the focus remains on LTC price volatility, it is interesting to note that the blockchain mining sector has seen a slight setback.
According to Coinwarz’ data, LTC’s hashrate has declined significantly over the past seven days. At the time of writing, the blockchain hashrate stood at 1.01 PH/s.
Next: Is Ethereum responsible for delaying the altcoin season?
