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Litecoin (LTC) continues to find buyers within a specific range over the past week. Additionally, there are opinions suggesting that the trend might change based on the formation LTC has created. If the cryptocurrency aligns with the mentioned trend, the price could clearly rise in the coming weeks.
Will Litecoin Price Rise?
Looking at LTC’s data from the past week, the price has seen a relatively small decline compared to the market. As of the time of writing, Litecoin had a market cap of $5.9 billion and was trading at $80.10. This price and volume position it as the 19th in the market rankings. Despite this, the recent decline in LTC has had a clear impact on sentiment.
According to data provided by Santiment, LTC’s weighted sentiment remained in the negative territory. Apart from the rise in social volume on June 7, LTC showed a stable outlook, but there were also opinions in the market suggesting that this could change.
One of the popular names in the market, World Of Charts, recently highlighted an interesting point and shared their views in a tweet. According to the shared tweet, LTC’s price broke out in a pattern that could take it to $120 in the coming weeks. The analyst noted that LTC entered this formation in March and has been consolidating since then.
LTC Comments
There is an expectation of a rise on the LTC side. So, is there a possibility that LTC could meet such an expectation? On-chain data revealed important points in this regard. According to the analysis, the whale density around the cryptocurrency and their activities remained at significant levels throughout the past week. Additionally, LTC’s MVRV ratio also appeared to be on the rise. As of the time of writing, LTC’s MVRV ratio was at 14.79%.
On the other hand, LTC’s fear and greed index had also dropped to the level of 40, which was one of the biggest indicators that the expectation was increasingly shifting towards fear. Looking at LTC’s price chart, the biggest obstacle to a rise to the $120 level appears to be the resistance level of $89.48.
If the mentioned level is surpassed, LTC could first reach $106 and then $120. Conversely, if it falls below the support level of $77.14 and remains there, the price could move towards new lows.
