Overview of Litecoin’s Position
As with many cryptocurrencies, Litecoin (LTC) has been observing a sluggish trend in its market activity, with its price chart presenting a relatively flat course over the previous week. While there hasn’t been any radical effect from any specific event on Litecoin’s movement, the overall status of the blockchain mining industry has witnessed wholesome growth. Despite this, some market experts anticipate that the time for accumulation may be nearing an end, and Litecoin may soon embark on a significant ascent.
However, contradicting these anticipations, Litecoin’s Chaikin Money Flow (CMF) has experienced a downward tilt. This CMF trend could potentially restrict Litecoin’s price from any upward mobility in the forthcoming short-term.
Recent Dive and Coming Predictions
The recent trend on Wednesday saw Litecoin’s market price undergo a significant fallout, hitting a low note of $78.78- its lowest since June 20th. This fallout has prompted avid interest in the upcoming FOMC (Federal Open Market Committee) minutes, which holds potential to be the key catalyst in steering Litecoin’s price movement next.
A critical look at the price forecasts reveals that Litecoin’s market value has dipped since its peak at $114 in July. The crypto is predicted to have more scaling down in its immediate future, with market watchers placing the next critical point to observe at $64.77- the lowest swing as recorded on March 11th.
Litecoin’s Current Status Amidst Market Volatility
In an unfortunate turn, the bearish swing that overtook Litecoin’s market progression took it below instrumental level of $80. This downward swing wiped off all the profits earned by the altcoin during the second quarter. The situation escalated negatively with overwhelming participation of sellers flipping the key $80 level into resistance.
Adding to the downward pressure on Litecoin is the dwindling price action of Bitcoin (BTC), which stubbornly remains below the $29.5k price level. However, an optimistic possibility highlighted in a recent price report suggests the likelihood of bulls rallying again, despite the bearish environment today. As the bearish trend approaches the critical support level, the bulls might need to hold off until the price touches down at the $72 support level to muster a rebound.
With the cryptocurrency market in a constant state of flux, Litecoin’s current position is certainly worth keeping an eye on. As the discussions on potential market catalysts and movements continue, we invite our readers to share their insights and opinions in the comment section below.
