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After approaching the $80 level, Litecoin (LTC) recorded a price correction that could be attributed to a bear market. Analysts covering LTC’s price movements have made critical statements about the cryptocurrency. Here are the potential price impacts on the crypto!
Current Price Movement of LTC
The previous week was challenging for the popular altcoin LTC, as a significant price drop was observed on the charts. According to CoinMarketCap, LTC’s daily chart was bullish, and the cryptocurrency gained 1.5% in value within 24 hours. At the time of writing, it was trading at $73.6 with a market capitalization of over $5.4 billion.
Given the ongoing price correction, should investors expect LTC’s value to drop? Additionally, Litecoin’s reserve risk also increased on the charts, which could be a sign of being overvalued. On the contrary, a popular Litecoin analyst, Shan Belew, suggested that LTC’s value is low. According to the analyst, as long as LTC’s price remains below the critical level, its value will stay low. The analyst also looked at LTC’s social metrics to better understand investor sentiment.
LTC’s On-Chain Data
Similarly, as evidenced by the decrease in social volume, LTC’s popularity has declined. The weighted sentiment also fell last week, which could imply a negative atmosphere in the market. The analyst then examines the blockchain’s daily chart to see what investors can expect from LTC and to better understand if its value is below its potential.
At the time of writing, Litecoin’s MACD indicated a possible downtrend in the near term. Both LTC’s Money Flow Index (MFI) and Chaikin Money Flow (CMF) recorded declines, increasing the likelihood of falling prices in the coming days. While the cryptocurrency’s price was in the throes of fluctuation, the mining industry grew. This can be evidenced by the increase in hash rate following the downward trend on December 4th. At the time of writing, LTC’s hashrate was at 859.48 TH/s. Data from the cryptocurrency analytics firm Coinwarz showed that, like the hashrate, Litecoin’s mining difficulty also remained relatively high, revealing the same flashing reading of 28.62 M.
