After facing a substantial decline driven by bearish market sentiment, Litecoin (LTC) shows signs of potential recovery. Over the past week, LTC has dipped slightly by 2.38%, and in the past 30 days, it has dropped by almost 16%.
Technical analysis by Changelly indicates that the current market sentiment remains predominantly bearish, with 81% of indicators suggesting a continued downward trend. The Fear & Greed Index, a popular metric used to gauge market emotions, stands at 30, indicating a state of fear among investors.
As of the time of writing, Litecoin is priced at $72.39, with a 24-hour trading volume of $1.05 billion and a market capitalization of $5.40 billion. Despite the overall bearish sentiment, LTC has shown a slight uptick of 0.74% in the last 24 hours, hinting at the possibility of a near-term recovery.
The recent performance of Litecoin reflects broader market trends and investor sentiment. Analysts suggest that a shift in market dynamics or a positive catalyst could propel LTC back into a bullish trajectory. However, the persistent fear among investors and the current bearish indicators warrant cautious optimism.
Litecoin Rebounds from $68 Bullish Order Block Area
Despite recent bearish movements in the broader cryptocurrency market, Litecoin (LTC) shows signs of resilience, according to prominent crypto analyst Trading Soldier. In a recent analysis, Trading Soldier highlighted that LTC is rebounding from a bullish order block area at $68, indicating potential for upward momentum.
Litecoin is currently bouncing from the bullish order block area at $68. Yesterday, the price was deviating towards the downside, grabbing liquidity to push higher. This strategic move aims to gather enough market momentum to target the next bullish zone.
The primary bullish target for LTC remains the $90 order block area, which corresponds to the previous monthly high. This area is seen as a crucial resistance level, and breaking through it could signal a significant uptrend for the cryptocurrency.
Litecoin Ricky, another famous analyst, has also pointed out the significance of upcoming candle closes for LTC. In June again this year, Litecoin will close on important 3-month candles and 6-month ones. It’s a borderline between closing good and closing bad, and hence, it should be watched closely until it is over.
In order to understand the price action at these critical technical levels, traders are monitoring LTC. The above extrapolations show that confluences imply that a big move might be coming up for Litecoin which could provide an opportunity for investors as well as traders.
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