After experiencing a notable decline in the market over the weekend, Litecoin price has recovered. This is consistent with trends observed across other cryptocurrencies that have seen similar market recoveries. This price increase comes despite recent market volatility, increasing investor optimism.
Litecoin price is on the rise as the market recovers
Most cryptocurrencies are currently witnessing significant price recoveries. Bitcoin has risen to levels well above $57,000. Ethereum also saw an impressive rally, surpassing $2,500. Meanwhile, Solana increased by 11%. These developments suggest a strong recovery in the crypto market, sparking investor interest.
Following the recent market surge, the latest statistics from Coinglass reveal a significant contraction in the Litecoin price derivatives market. Trading volume plummeted by 55% and now stands at $278.28 million.
Open interest, which reflects the total number of outstanding derivative contracts, decreased by 2.71% to $183.66 million. These statistics from Coinglass indicate that the current uptrend is weakening, suggesting that investors are becoming more cautious.
Source – Coin Glass
Is a jump to $80 realistic in the current situation?
Over the past 24 hours, Litecoin price has fluctuated within a range, hovering between a low of $56.60 and a high of $59.51. At the time of reporting, LTC price was trading at $58.73, up 2.56% during European trading hours.
Over the past week, LTC’s value has fallen significantly, down 18%. This drop took the cryptocurrency from a high of $71 to around $50. If current market trends return to positive, LTC could soar to $80 in the next bull market.
Litecoin price 4-hour technical indicators are showing signs of recovery. The Relative Strength Index (RSI) was 43.96, up from its previous low level. This suggests that buying momentum is building. The Chaikin Money Flow (CMF) index remains positive at 0.04, indicating stable capital inflows into the Litecoin market.
Litecoin price chart: Source | TradingView
According to DeFirama, Litecoin’s total value locked (TVL) has decreased by 3% and now stands at $3.01 million. In the past 24 hours, transaction fees on the network reached $783. During the same period, active addresses reached 314,294, indicating robust network activity.
Source – Defirama
However, if the bears regain control and make a comeback, the Litecoin price prediction could drop below the $50 support level. A further fall to $48 or even $45 is possible, indicating increased selling pressure.
Frequently asked questions (FAQ)
Faster transaction times, lower fees, and a different hashing algorithm (Scrypt).
For quick and low-cost everyday and small-value transactions.
Charlie Lee is a former Google employee who aims to create a lightweight alternative to Bitcoin.
✓ Share:
coin ape staff
CoinGape is comprised of an experienced team of native content writers and editors who work around the clock to cover news from around the world and present it as fact, not opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.
