- Litecoin has witnessed huge surge in its trading volume.
- The sentiment of the LTC crypto is bearish as per Coincodex.
Litecoin, created by Charlie Lee, aims to improve upon Bitcoin’s limitations, offering faster transaction times and increased efficiency.
Launched in 2011, it utilizes scrypt as a proof of work and serves as a digital currency for peer-to-peer transactions and online purchases. Lee’s vision was to create a lighter version of Bitcoin for everyday use.
The market cap of the Litecoin crypto is trading flat over the last 24 hours from the time of writing. It further has witnessed a slight advance of 1.12%.
Despite this, the crypto has a very good presence in the crypto market as it is the 20th largest cryptocurrency and has a market cap dominance of 0.26%.
The trading volume for the Litecoin has advanced by 55% which is a big number and shows huge participation of traders in the crypto. This could be due to some significant activity in the crypto community.
The traded volume ranking of the crypto is also 23rd followed by a traded value of $382.24M. The volume/market cap ratio of the crypto is 6.28% which represents very good liquidity in the crypto.
At press time there are 74.5M LTC crypto circulating in the market which is 88.69% of the maximum supply. Also, the fully diluted market cap of the Litecoin is $6.85B.
Litecoin crypto is highly volatile resulting in a volatility of 8.86% whereas the fear and greed index is showing greed among the investors. Moreover, the supply inflation of the crypto is supportive resulting in 2.26%.
What Does Derivatives Say About Litecoin?
Higher long liquidaitons can be seen on liquidation chart of Litecoin crypto. This shows that bears are ruling over the price.
From the time of writing, In the last 24 hours higher long liqudiaiton is witnessed by the crypto. This values at $208.63K against which the short liquidation is worth $96.04K.
The derivatives volume followed by the spot volume has witnessed a huge surge of 114% in 24 hours. This has resulted in a traded value of $456.29M. The open interest has also advanced by 2.9%.
Litecoin Crypto Technical Analysis
The LTC crypto price is continously taking support at the dynamic trendline and has faced multiple rejections from the same. The price of the crypto still is sustaining above the same.
The recent price action of the LTC price shows a inverted hammer on the bottom and the candles formed further has broken the high of the hammer candle. This shows that the buyers are showing interest in the crypto.
Although, the overall trend of the crypto seems bearish as the price has come from the higher levels to the lower levels and is forming lower low swing on the chart.
LTC/USD Chart by TradingView
The price of LTC cryoto is trading at the 200-day EMA on the daily chart. Moreover, the price is currently stuck between the 50-day and the 200-day EMA showing uncertainity on chart.
The MACD metrics further have overlapped each other on the chart showing a range bound market.
The RSI further is trading below the 50-level for a long time showing bearish momentum in the LTC crypto price.
Summary
While Litecoin faces bearish sentiment and a volatile market, recent trading volume surges suggest active participation.
The crypto’s technical analysis reveals continuous support at a dynamic trendline, with potential interest from buyers indicated by recent price action. However, the overall trend remains bearish, signaling uncertainty regarding future price movements.
Technical Levels:
- Support levels: $63.30 and $70.80
- Resistance levels: $87.10 and $98.80
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.