IntoTheBlock, a prominent cryptocurrency analytics firm, has reported a significant milestone for Litecoin (LTC) this week. The number of long-term LTC holders has soared to an impressive 5 million, a development that is being seen as a strong indicator of growing confidence in this digital asset.
This achievement reflects a growing trend among cryptocurrency enthusiasts and investors increasingly opting to hold Litecoin over extended periods, suggesting a positive sentiment surrounding the cryptocurrency’s future prospects.
The surge in long-term LTC holders underscores the enduring appeal of Litecoin within the broader crypto community. But on the other hand, Litecoin has experienced a disruption in its previously bullish trend.
Lune Trading, a notable player in the cryptocurrency trading space, took to Twitter to announce this concerning trend. According to their tweet, LTC has experienced a disruption in its previously bullish trend, characterized by the establishment of new lows in its price trajectory.
This abrupt shift in market sentiment has been attributed to a bearish momentum, as identified by the Luna algorithm, a well-regarded tool for analyzing cryptocurrency price movements.
Litecoin’s Latest Price Analysis
As of the latest market data, LTC is currently trading at $62.82, with a 24-hour trading volume of $232 million. It represents a notable 8% increase in trading activity over the past day. However, in the last 24 hours, Litecoin has experienced a slight decline of 0.27% in its price.
Litecoin holds the 15th position in the CoinMarketCap ranking, boasting a market capitalization of $4 billion. The circulating supply of Litecoin stands at 73,626,720 LTC coins, while its maximum supply is capped at 84,000,000 LTC coins.
Looking ahead, PricePredictions, a trusted source for price forecasts, offers insights into Litecoin’s potential price movements. Based on technical analysis, a long-term bearish trend is currently observed.
Accordingly, the price of the coin may decrease by approximately $0.75341 over the next 7 days, potentially reaching $62.09 by September 14, 2023.
The machine learning algorithm has identified a bearish trend for LTC in the short term. Consequently, investors should anticipate a slight decrease in its price over the next few hours. This analysis indicates that current market conditions are more likely to support a downward movement in the immediate future.
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