- LTC’s daily chart revealed some bullish market indicators.
- Litecoin’s social volume and trading volume fell last week.
The crypto market has been inert lately as not much volatility has been seen on the charts of the top cryptos. Litecoin [LTC] also followed the current market trend as price remained sluggish.
Realistic or not, here it is LTC market cap in BTC‘s conditions
While the current market is not behaving in the interest of investors, the coming months could turn out differently for LTC. Especially considering the last halving, which took place on August 2, 2023. A major bullish pattern was even noticed on the coin’s chart, which could lead to a bull rally.
Litecoin expects a breakout after halving?
Like most cryptos, LTC’s price chart remained relatively flat throughout the week. According to CoinMarketCapLTC’s price only moved marginally, and at the time of writing, it was trading at $81.70.
The coin had a market cap of over $6 billion, making it the 13th largest cryptocurrency. Unfortunately, investor interest in trading the token waned as trading volume fell last week. Moreover, LTCThe company’s popularity also declined, as evidenced by the dip in social volume.
Source: Sentiment
The current scenario was not as many expected as the blockchain recently completed its third halving. While the event had no immediate effect on the price of LTC, it certainly contributed to the growth of the blockchain mining industry.
According to Coinwarz facts, the LTC hashrate has been rising for the past seven days. At the time of writing, the hash rate of LTC was 786.59 TH/s.
Nevertheless, one analyst pointed out in a recent tweet that a bullish pattern had formed on the coin chart, which could result in a rally in the coming months.
Litecoin has been at the end of the symmetrical triangle and the last two times have led to a rapid price increase. Expected LTC‘s price to reach an all-time high during the last quarter of this year.
I think this is the last week to collect litecoin before litecoin melts on its face.
Litecoin is now at the end of the symmetrical triangle that has resulted in rapid price increases over the past two times.
This time it looks more like the 2017 outbreak due to the… pic.twitter.com/LHxtkl6yIb
— Shan Belew
(@MASTERBTCLTC) August 13, 2023
Here’s what to expect in the short term
Interestingly, despite LTC’s price action, whale activity around the coin remained high. LTC’s MVRV ratio also moved up, which was a positive signal. However, the coin’s 1-week price volatility remained significantly low.
Source: Sentiment
How many Worth 1,10,100 LTCs today
A look at the LTC daily chart revealed that the MACD showed the possibility of a bullish crossover. In addition, Litecoin’s Money Flow Index (MFI) registered an increase from the oversold zone, which may increase buying pressure.
Nevertheless, the Chaikin Money Flow (CMF) went down, which could limit LTC‘s price will rise in the short term.
Source: TradingView