Despite a lackluster year, Litecoin (LTC) shows potential signs of recovery. With its price at a pivotal point, the coming weeks could be crucial for the cryptocurrency’s future performance.
On Monday, Litecoin’s price has seen a 2.5% rise in the past week, but a recent drop to $65.81 indicates a 2.5% loss in the last 24 hours. Despite the dip, LTC’s overall growth in the last 30 days is still positive at 2.5%, with a 25% increase noted over the past year.
Litecoin’s performance in 2023 has been a mixed bag, with its halving event not significantly boosting its price. However, being oversold and undervalued, LTC could see gains in the coming weeks, especially if the broader market maintains its momentum.
Currently, Litecoin’s technical indicators suggest it could go in either direction. The relative strength index, which failed to clear 60, insinuates a possible lack of momentum. Meanwhile, LTC’s 30-day moving average shows potential for a price rise, although recent market dips may disrupt this trend.
The ability of LTC’s support level to hold above $65.50 in the next few hours is crucial. If it manages to resist a further drop, LTC may start to rebound, but a fall could trigger a steep sell-off.
Despite recent market activity, larger traders, or “whales”, haven’t been very active with LTC since mid-September. A lack of interest from these large investors could lead to further decrease in LTC’s value, unless there’s a market-wide rally soon.
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