Based

bullish

Litecoin

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<p>The volatility across the cryptocurrency landscape has skyrocketed ahead of the <a href="https://coinpedia.org/news/will-altcoins-face-a-40-drop-lessons-from-bitcoins-2020-election-performance/">U.S. election</a>. Amid this, Litecoin (LTC) has reached a make-or-break level that could potentially lead to the liquidation of millions of dollars in traders' positions.</p>   
<h2 class="wp-block-heading" id="h-litecoin-ltc-technical-analysis-and-upcoming-level"><strong>Litecoin (LTC) Technical Analysis and Upcoming Level</strong></h2>   
<p>According to expert technical analysis, Litcoin (LTC) is trading within a bullish channel pattern and is currently at the lower boundary, which acts as a support level. Historically, whenever the LTC price reaches this level, it experiences buying pressure and an upward rally. This time, however, traders and investors are expecting a similar upside movement.</p>   
<figure class="wp-block-image size-large">
 <a href="https://image.coinpedia.org/wp-content/uploads/2024/11/05004147/LTCUSDT_2024-11-05_00-41-36.png"><img src="https://image.coinpedia.org/wp-content/uploads/2024/11/05004147/LTCUSDT_2024-11-05_00-41-36-1024x448.png" alt="" class="wp-image-375847"></a>
 <figcaption class="wp-element-caption">
  Source: Trading View
 </figcaption>
</figure>   
<p>Based on recent price action, if LTC holds itself above the $64.5 level, there is a strong possibility the asset could rally by 16% to reach the $77 level in the coming days.</p>   
<p>On the other hand, some believe that LTC may fail to hold this support level due to strong volatility across the cryptocurrency market. If this occurs, the asset could experience a 15% price decline, reaching the $55 level in the coming days.</p>   
<p>As of now, LTC is trading below the 200 Exponential Moving Average (EMA) on a daily time frame, indicating a downtrend. Meanwhile, its Relative Strength Index (RSI) suggests a potential upward rally in the coming days, as it is currently in the oversold zone.</p>   
<h2 class="wp-block-heading" id="h-on-chain-metrics-nbsp"><strong>On-Chain Metrics&nbsp;</strong></h2>   
<p>LTC’s mixed sentiment is further supported by on-chain metrics. According to the on-chain analytics firm <a href="https://www.coinglass.com/currencies/LTC" target="_blank" rel="noreferrer noopener nofollow">Coinglass</a>, LTC’s Long/Short ratio currently stands at 1.001,&nbsp; indicating equal participation from both bulls and bears over the past 24 hours.&nbsp;</p>   
<figure class="wp-block-image size-large">
 <a href="https://image.coinpedia.org/wp-content/uploads/2024/11/05004222/image-44.png"><img src="https://image.coinpedia.org/wp-content/uploads/2024/11/05004222/image-44-1024x278.png" alt="" class="wp-image-375848"></a>
 <figcaption class="wp-element-caption">
  Source: Coinglass
 </figcaption>
</figure>   
<p>Additionally, LTC’s open interest has remained unchanged over the past 24 hours, indicating that traders'&nbsp; positions are still secure as the price hovers at a critical level. Currently, 50.01 % of top traders hold long positions, while 49.95% hold short positions.&nbsp;</p>   
<h3 class="wp-block-heading" id="h-current-price-momentum-nbsp"><strong>Current Price Momentum&nbsp;</strong></h3>   
<p>At press time, LTC is trading near $66 and has experienced a modest price surge of 0.55% over the past 24 hours. During the same period, its trading volume dropped by 10%, indicating lower participation from traders and investors compared to the previous day.</p>

Litecoin’s (LTC) Make or Break Moment, Insights From On-Chain Data

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