Litecoin

Hope

when

Daily

Litecoin (LTC), the cryptocurrency often dubbed “silver to Bitcoin’s gold,” has left investors scratching their heads this week. After a brief surge, LTC finds itself stuck in a price tug-of-war, with analysts divided on whether it will climb to $90 or fall back to its support level near $80. 
<h2 data-sourcepos="5:1-5:41" id="strong-mixed-signals-cloud-litecoin-s-future-strong">Mixed Signals Cloud Litecoin’s Future</h2> 
Last week’s<a href="https://www.coingecko.com/en/coins/litecoin" target="_blank" rel="noopener nofollow"> price action for LTC</a> was a rollercoaster ride – not the kind that sends investors screaming with joy, but a slow, rickety climb followed by a disappointing stall. Despite breaking the $80 barrier on May 15th, LTC’s momentum fizzled out, leaving it hovering around $83.81 at press time. 
Popular crypto analyst, CRYPTOWZRD, isn’t mincing words. Their recent tweet paints a picture of indecision, with LTC trapped in a price range between $80 and $94. A breakout, either bullish or bearish, seems imminent, but the direction remains a mystery. 
<blockquote class="twitter-tweet"> 
 LTC Daily Technical Outlook:<a href="https://twitter.com/search?q=%24LTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="nofollow">$LTC</a> closed indecisively today and it is trading in the middle of a Daily range area. I will pay more attention to the intraday chart development tomorrow to get a quick scalp <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f440.png" alt="👀" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://t.co/T5hAFTndIu" rel="nofollow">pic.twitter.com/T5hAFTndIu</a> 
 — CRYPTOWZRD (@cryptoWZRD_) <a href="https://twitter.com/cryptoWZRD_/status/1791993129211416818?ref_src=twsrc%5Etfw" rel="nofollow">May 19, 2024</a>
</blockquote> 
To decipher LTC’s next move, analysts are turning to on-chain metrics – the digital breadcrumbs left behind by cryptocurrency transactions. Here, too, the picture is far from clear. 
<img loading="lazy" decoding="async" class="aligncenter size-full wp-image-608918" src="https://www.newsbtc.com/wp-content/uploads/2024/05/a_fe999c.png?resize=685%2C660" alt="" width="685" height="660" srcset="https://www.newsbtc.com/wp-content/uploads/2024/05/a_fe999c.png?resize=685%2C660?w=685 685w, https://www.newsbtc.com/wp-content/uploads/2024/05/a_fe999c.png?resize=685%2C660?w=460 460w" sizes="(max-width: 685px) 100vw, 685px" data-recalc-dims="1"> 
Glassnode’s NVT ratio, a measure of undervaluation, is flashing red, suggesting a potential price dip. However, a low reserve risk metric hints at an upcoming surge in bullish sentiment. Whale activity, often a bullish indicator, remains high, and the <a href="https://blog.vectorcrypto.com.br/en/learn-all-about-the-mvrv-ratio/#:~:text=What%20is%20MVRV%3F,traders'%20buying%20and%20selling%20behavior." target="_blank" rel="noopener nofollow">MVRV ratio</a>, which gauges profitability for long-term holders, has also taken an upward turn. 
<h2 data-sourcepos="17:1-17:45" id="strong-litecoin-technical-indicators-offer-tentative-hope-strong">Litecoin: Technical Indicators Offer Tentative Hope</h2> 
Meanwhile, technical indicators offer a glimmer of hope for LTC bulls. The Relative Strength Index (RSI) sits comfortably above the neutral mark, suggesting the coin isn’t overbought. 
<img loading="lazy" decoding="async" class="size-full" src="https://www.tradingview.com/x/ObbHX4Qj/" width="1835" height="883"> 
One damper on the party spirit comes from the<a href="https://www.investopedia.com/terms/b/bollingerbands.asp" target="_blank" rel="noopener nofollow"> Bollinger Bands</a>, a volatility indicator. LTC’s current position within the bands suggests a period of low volatility, making a sudden price surge less likely. 
This subdued volatility is significant because Bollinger Bands typically tighten when market prices consolidate, signaling a lack of strong directional movement. For LTC, this means that without an external catalyst to drive momentum, the likelihood of a dramatic price breakout is diminished. Crucial Levels: The $80-$85 Tightrope Walk 
For LTC to reach its holy grail of $90, it needs to conquer a crucial resistance level at $85. This hurdle could be particularly challenging due to potential liquidations that might occur at that price point. 
On the downside, if LTC fails to hold its ground at the $80 support level, a price drop to $78 could be on the cards. 
Featured image from Pixabay, chart from TradingView

Litecoin Put To The Test: Can LTC Break Through $94?

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