Market sentiment around LTC turned bullish on the charts. Some indicators were bearish, but technical indicators supported the market’s bullishness.
The overall cryptocurrency market has seen significant price corrections recently, with the prices of most cryptocurrencies being driven by bears. However, Litecoin (LTC) has taken a different action in the past 24 hours pushing its price higher.
Litecoin surprises investors
According to data from CoinMarketCap, the daily charts of top cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH) were in red. However, Litecoin had other plans. The altcoin has risen more than 3% in the past 24 hours. At the time of this writing, LTC was trading at $65.38 and had a market cap of over $4.89 billion.
Thanks to the aforementioned price increase, LTC’s weighted sentiment is now in positive territory. This suggests that bullish sentiment towards the token has increased. Additionally, its social volume also remained relatively stable, reflecting LTC’s popularity in the crypto space.
Source: Santiment
AMBCrypto evaluated Litecoin’s on-chain data to find out what supported this recent price increase.
Analyzing Santiment data, LTC trading volumes remained high. Typically, an increase in volume along with price serves as the basis for a bull market. Additionally, the MVRV ratio has also improved, which is a bullish feature.
Source: Santiment
Will this trend continue?
AMBCrypto then checked other datasets to find out the probability of this bull market continuing.
A look at Glassnode data reveals that LTC is approaching the likely market bottom of $72. Considering this metric alone, LTC could continue its journey towards market highs of $148 in the coming weeks and months.
Source: Glassnode
However, all was not well for Litecoin in the short term.
For example, the long/short ratio recorded a decline. A decline in the indicator means there are more short positions than long positions in the market, which is a bearish signal.
Furthermore, at the time of this writing, LTC’s Fear and Greed Index was in the “greed” stage. This suggests that LTC may undergo a price correction in the near future.
Source: Coinglass
Next, we took a look at Litecoin’s daily chart to see what technical indicators are suggesting about a bull market. Although some indicators were bearish, technical indicators remained bullish. For example, the MACD showed a bullish crossover on the chart.
Read Litecoin (LTC) price prediction for 2024-2025
Finally, LTC’s Chaikin Money Flow (CMF) recorded an increase. The Relative Strength Index (RSI) followed a similar increasing trend.
Taken together, these market indicators suggest that investors may expect LTC prices to rise further.
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