Litecoin (LTC) has seen a bearish trend recently, with its price dropping by 4.60% in 24 hours to $128.70. Despite attempts to break the resistance level at $130, Litecoin has struggled to maintain its growth. The coin has faced challenges at the $130 level in the past, often leading to sharp drops within 24 hours. However, sentiment around Litecoin remains positive, suggesting that the recent drop may be temporary.
Despite the recent price decline, Litecoin has shown strong performance over the past year. The coin is up 5.91% in the last 30 days and has seen a 43.43% surge over the past 3 months. The Year-to-Date (YTD) gain stands at 22.43%. In a previous analysis, Litecoin surged over 70% while the broader market experienced intense liquidation. This positive outlook has created opportunities for the coin to rebound.
Technical indicators suggest that a rebound for Litecoin is imminent. The trading volume has dropped by 28.74%, but the coin’s price remains above the 50-day Moving Average. The Relative Strength Index (RSI) is at 56, indicating bullish momentum. Additionally, Litecoin’s profitability is high at over 74%, with no urgent reason to sell off. The current drawdown is believed to be driven by short-term traders selling.
Investors remain optimistic about Litecoin’s future growth, especially with the potential approval of a spot Litecoin ETF by the US SEC. This development has contributed to a 5% rally in the past month. Analysts have issued a 90% approval odds for the LTC ETF, higher than any other rival. This positive projection, supported by Polymarket forecasts, has validated Litecoin’s price rally and outlook for the future.
In conclusion, despite the recent bearish trend, Litecoin’s long-term performance remains strong. The coin has shown resilience in the face of challenges, with technical indicators suggesting a potential rebound in the near future. Positive sentiment around Litecoin, coupled with the potential approval of a spot ETF, bodes well for the coin’s future growth and price outlook. Investors are encouraged to monitor developments closely and consider their investment strategies accordingly.
