LTC Prices Plummeted
Litecoin’s price plummeted over the last week, sparking fear among investors. However, some market indicators suggested a more positive outlook.
Litecoin is Planning a Breakthrough
According to CoinMarketCap, Litecoin’s price has decreased by more than 6.4% in the last seven days. However, crypto analyst Shan Belew recently highlighted that Litecoin was on the verge of exiting a 6-year-long ascending triangle. This could potentially lead to new highs for LTC if everything works in the coin’s favor.
A Few Challenges Remain
While LTC’s daily chart has turned green, the coin must first cross a key resistance level before reaching new highs. Litecoin’s liquidation increased drastically near the $71 mark in the recent past, causing a price correction. Therefore, the coin must successfully surpass that level in order to initiate a bull run.
However, things in the short term seem bullish for the coin. LTC’s daily chart shows that its price rebounded from the bottom limit of the Bollinger Bands. Its Relative Strength Index (RSI) and Money Flow Index (MFI) both registered upticks, increasing the chances of a price uptick. Nonetheless, the MACD pointed out a clear bearish advantage in the market.
Despite the recent price uptick, LTC’s volume dropped, reflecting less interest from investors in trading the coin. Its one-week price volatility also decreased, minimizing the chances of a continued uptrend. Another concerning metric was LTC’s MVRV ratio, which dropped sharply last week.
### News source: eng.ambcrypto.com