Litecoin Stuck In A Rut: Will Bullish Momentum Or Bearish Pressure Prevail?

Christian Encila

1 year ago

3 mins read

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Litecoin (LTC) has spent the past week trading within a tight price range, with its value hovering steadily around the mid-range point of $64. The price action for LTC in September has remained primarily bearish, with sellers maintaining control over the market.

While LTC has a history of volatile price swings, recent times have seen it mirroring the sideways movement of the overall market, largely influenced by Bitcoin’s fluctuations, which rose from $25,000 to $27,000 before dropping to $26,000.

As of the latest data from CoinGecko, Litecoin is currently trading at $64.63, with a 24-hour gain of 0.7%. However, over the past seven days, LTC has experienced a decline of 2.9%, reflecting the prevailing bearish sentiment in the market, according to a recent price report.

Chasing Litecoin Bulls and Avoiding The Bears

For those looking for a bullish revival in Litecoin’s price, a price report notes that the key level to watch is the 23.6% Fibonacci retracement level, which stands at $69. Breaking above this level could open the door for further gains, with potential targets lying at $78 and $80.

On the other hand, if the flat trading volume persists, bears may exert further pressure, potentially leading to a drop in LTC’s price to the $60 mark.

Source: Coinalyze

Market speculators have not been particularly enthusiastic about Litecoin’s recent sideways movement. The Open Interest (OI) for LTC has continued to decline, with data from Coinalyze indicating a $9 million drop within the past 48 hours. This suggests that traders and investors are becoming increasingly cautious as they monitor the developments in the Litecoin market.

Litecoin’s Investment Appeal in Q3/Q4

Despite the recent lackluster performance, some analysts believe that Litecoin remains an attractive investment opportunity in the third and fourth quarters of this year. Litecoin’s established reputation, solid ecosystem, and upcoming halving events are factors that contribute to its appeal.

LTC market cap currently at $4.7 billion. Chart: TradingView.com

Halving events have historically had a positive impact on Litecoin’s price, reducing the rate at which new LTC coins are mined and potentially increasing scarcity.

Market participants are closely watching the 23.6% Fibonacci retracement level at $69 for signs of a bullish revival, while a continuation of flat trading volume could see LTC drop to $60.

Despite recent market concerns, Litecoin’s strong fundamentals and upcoming halving events make it an investment opportunity worth considering as we move into the later part of the year.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from Invest Right

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.