Learn more:

Litecoin’s (LTC) current price trend may be hinting at an upcoming bull rally, similar to the one seen in 2021. Recently, LTC’s price has shown only marginal movement, trading at $75.59 with a market cap of over $5.6 billion. Despite a prevailing bearish sentiment, several indicators suggest a potential bullish turn. The coin’s price pattern mirrors that of the pre-2021 rally, approaching a break above a key diagonal trend line.

Analysis of Litecoin’s on-chain metrics from Glassnode indicates that its Network Value to Transactions (NVT) Ratio has decreased, suggesting the asset is undervalued and a price uptrend is probable. Furthermore, Litecoin’s Market Value to Realized Value (MVRV) ratio has increased, and its social volume remains high, reflecting its popularity. The weighted sentiment graph has turned positive, indicating growing bullish sentiment.

However, there are cautionary signs too. The Relative Strength Index (RSI) is nearing the overbought zone, which might lead to selling pressure, and the Bollinger Bands show LTC’s price at the upper limit, also suggesting a potential increase in selling pressure. Despite these mixed indicators, Litecoin’s Moving Average Convergence Divergence (MACD) shows a bullish crossover, supporting the possibility of an upcoming bull rally.

[ad_2]

Source link