Crypto price prediction: Litecoin (LTC) shows slight recover, but still weak buying interest

 Crypto analysis (Litecoin):

Litecoin chart analysis

Litecoin (LTC) is currently priced at $104.18, with a 24-hour trading volume of $937 million. Over the past 24 hours, its value has slightly increased by 0.26%, but in the past seven days, it has dropped significantly by 12.85%. The total market value of Litecoin is approximately $7.95 billion, with 76 million LTC in circulation. This decline reflects a broader market trend where sellers have gained control, pushing prices lower.

Litecoin fell below a critical support level of $100 today, signaling strong bearish pressure. The price drop has intensified over the past few days, leading to a loss of 22.40% of its value. As trading volume increased to 7.35 million, it further confirmed that selling activity remains dominant. Unless buyers regain control, Litecoin’s price could continue to decline, with the next major support level identified at $85.

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Technical indicators show that Litecoin is currently oversold. The Bollinger Bands suggest increased market volatility, with LTC trading near the lower band at $100.38. This usually indicates that the price might be too low and could rebound soon. However, this does not guarantee an immediate recovery, as bearish sentiment remains strong.

The Relative Strength Index (RSI), which measures market momentum, stands at 47.72, showing weak buying interest. Still it’s below neutral level but showing slight recovery. RSI should need to clear the level 50 to bring bullish momentum.

For Litecoin to recover, it needs to break above $110, where resistance is strong. If buyers step in and push the price higher, it could trigger a short squeeze, forcing traders betting against Litecoin to close their positions. This could cause LTC to surge toward $120. However, if selling pressure continues, especially from leveraged traders, Litecoin could drop further toward $85, confirming a prolonged bearish trend.

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Litecoin remains in a vulnerable position, and traders are closely watching whether it can reclaim $100 as support. If it fails, the next target could be $85, which has historically been a strong demand zone. On the other hand, if bullish momentum returns, Litecoin could attempt a recovery, but it will need to break through several resistance levels to sustain an upward move.