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Reaching an all-time high price of $412, the altcoin has long been distant from its peak. BTC and ETH remain calm ahead of Ether ETFs, with BTC at $66,749 and ETH at $3,517. So, what is the current situation for Litecoin (LTC)?
Litecoin (LTC)
LTC, which surpassed $412 as its ATH price, has not approached the record region since May 10, 2021. Despite last year’s halving event, it continues to stay below $100. Altcoin investors‘ risk appetite has been weak for months due to BTC price uncertainty. BTC has not been able to surpass $73,777 and is at risk of falling to $50,000.
So, what is the situation on the LTC front? The ADX indicator, which tracks momentum, confirms that the upward momentum is weakening. Although ADX is currently above the key threshold of 25, losing this region would mean an acceleration of the decline, making it a risky point.
Whales have moved to a bearish trend early for LTC. The volume data of large wallets is weakening. The volume of transactions over $100,000 has decreased from $3.4 billion to $2.6 billion. This suggests that investors do not seem to believe in the recent recovery.
LTC Price Prediction
The LTC price, which has been lingering below the downtrend line for 2 months, has made three attempts to break the trend line. After the last unsuccessful attempt to break the downtrend, the price retreated from $90 to $71, and at the time of writing, the altcoin is trading at $72. If the downtrend line cannot be broken, $69 could be tested again. Below this, LTC has the potential to fall to $61.
The good news is that LTC is still above the Fib support, preventing bears from accelerating their sales. In a positive scenario, if the BTC price can overcome the pressure from MTGOX and US sales, $80 could turn back into support. Subsequently, targets above $100 will come into play.
For now, MTGOX returns continue, and the US has over $10 billion worth of BTC to sell. On the bright side, over 100,000 BTC has already been sold, and if this excess supply FUD is eliminated during the rise period, the obstacles in front of crypto will be removed by the end of the year, creating a stronger upward environment.
