Litecoin (LTC) price has recently experienced a significant market correction reflecting a downtrend. The altcoin has slipped below the crucial support level of $65, indicating an increasingly bearish sentiment among traders. This decline is part of a broader correction in the cross-border cryptocurrency market.
Litecoin price crashes, triggering massive liquidations of LTC shorts
Accordingly Coin jar According to data, Litecoin price has seen significant liquidation events recently, most notably a strong peak around August 21, 2024.
A significant volume of long and short positions were liquidated on this day, with a significant increase in trading volume occurring in parallel with a sharp fluctuation in the LTC price.
The chart shows a surge in over $666,000 worth of short liquidations across multiple exchanges, suggesting a sudden and sharp increase in the LTC price that triggered these liquidations.
Litecoin Price Prediction: Can LTC Rise to $80?
LTC Price fell 5% to $63.63 on Wednesday, reflecting broader market trends affecting other cryptocurrencies. BTC Price With the price below $60,000, investors are experiencing a period of significant volatility.
In the last 24 hours, Litecoin recorded a low of $62.42 and a high of $66.16, indicating volatility in the crypto market.
Over the past week, Litecoin’s price has risen slightly by 0.43% following the recovery of the past few days. However, LTC has fallen by 13% over the past month, highlighting longer-term challenges amid broader market pressures.
Whale activity and liquidations signal market volatility
Accordingly Santiment Litecoin price market data shows that the number of large-scale transactions is often accompanied by significant price adjustments. There is a visible correlation between spikes in whale transaction activity and LTC price movements.
Litecoin Price Prediction is currently in a downtrend and it could revisit the $60 support level. Increased selling pressure could push the value further to $55, indicating a deeper bearish phase.
The 4-hour technical indicators for Litecoin are showing a clear downtrend. The Relative Strength Index (RSI) has been experiencing significant fluctuations. Initially, the RSI fell below the 40-level at 32, indicating a neutral trend, and if the bears continue to gain, the trend could drift into an oversold region.
Conversely, overcoming the $65 resistance could start a bullish wave and potentially push Litecoin price towards $80. A sustained upside move could even push LTC to the $100 mark in an upcoming rally.
Frequently Asked Questions (FAQs)
Litecoin price fell sharply due to increased market volatility and dropped below the $65 support level. This decline is part of a broader market correction affecting various cryptocurrencies.
The volatility is caused by increased whale transaction volumes and significant liquidations in both long and short positions, especially around August 21, 2024. These factors contribute to sudden price fluctuations.
Yes, if Litecoin can overcome the $65 resistance level, it could start a bull run and potentially push the price towards $80 or even $100 with sustained momentum.
Coingape Staff
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Disclaimer: The content presented may contain the personal opinion of the author and is subject to market conditions. Conduct market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.
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