Litecoin (LTC) Looks In Dilemma: Could Bulls Defy The Selloff?

• Litecoin price trades in a closed range and consolidates below the $80 mark.
• The ongoing trend favors the bear army and suggests volatile sessions ahead.

The Litecoin (LTC) price trades below its key moving averages and is struggling close to its trendline support mark of $78. This week, the coin faced severe throwback from its 100-day EMA mark and eroded over 10% of gains.

Still, the LTC price has not yet breached the range neckline support of $75 and stayed above it, implying the demand for the coin.

When writing, the price action implies consolidation. It indicates that a significant recovery can be seen ahead once LTC retains and crosses the $80 mark.

Amidst the underperformance, the long-term projections are still guiding the bullish view and suggest that Litecoin might retest the $100 mark. It is expected to ride on the bullish track in the upcoming weeks.

At press time, the Litecoin (LTC) price traded at $79.02 with an intraday drop of 0.90%, reflecting neutrality on the charts. It has a monthly return ratio of -2.30% and 1.90% yearly, reflecting short-term consolidation.

The pair of LTC/BTC is at 0.00118 BTC, and the market cap is $5.81 Billion. Analysts are neutral and suggest that the price may recover gains and will retest the $100 mark in the next sessions. 

Unveiling LItecoin Price Projection on Daily Charts

According to the daily charts, the LItecoin price stayed between $75 and $90 levels for more than two months and did not replicate any impulsive move.

Amidst the market’s ups and downs, the LTC price action signified indecisiveness between the bulls and bears in the past sessions.

Likewise, the volume participation looked decent and remained flat, noting a surge of over 22% to $694.53 Million, guiding a stable volume activity.

Source: Santiment 

At press time, the Momentum oscillators guide a neutral outlook, the RSI curve stays below the midline region, while the MACD indicator reveals that red bars still form on the histogram.

Ranked at 23 per the market cap, it has a total supply value of 73.68 million and a volume-to-market cap ratio of 0.121.

What Do Analysts State About Litecoin?

The tweet by @Crypto Tony shows that Litecoin spent a lot of time in the consolidation zone, and now it’s time to prove that it is silver to Bitcoin.

$LTC / $USD – Update

Another couple of years of consolidation then .. C'mon #Litecoin, prove you are the silver to #Bitcoin pic.twitter.com/vFgsC27bSr

— Crypto Tony (@CryptoTony__) June 10, 2024

Source: X

Notably, @Litecoin, in a tweet, stated that “Litecoin is the most active blockchain in the world!!! Surpassing Bitcoin and Ethereum in active addresses. More people are using Litecoin than any other crypto right now!”

Litecoin is the most active blockchain in the world!!! Surpassing #Bitcoin $BTC and #Ethereum $ETH in active addresses. More people using Litecoin than any other crypto right now!

What's in your wallet? #Litecoin ⚡ $LTC pic.twitter.com/3wxmjSRU1m

— Litecoin (@litecoin) June 10, 2024

Source: X

Litecoin has a total address count of 1.44 million, while the active addresses were 794.21k.

Sharpe Ratio Displays Underperformance

For weeks, the Litecoin price has been dropping and showcasing underperformance on the charts. 

The Sharpe ratio indicator displays a negative reading of -1.20 and signifies that LTC is trading in the negative territory, and bulls have to do a lot to retain the shine in the next sessions.

The immediate support levels for Litecoin are $75 and $70, whereas the key upside hurdle is around $80, followed by $85.

Conclusion

The Litecoin price stayed below the significant moving averages and is on the verge of the trendline support of $75. Meanwhile, buyers are looking for a significant pullback, and it may retest the $82 mark soon.

Disclaimer

This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.