Litecoin

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Crypto analyst <a href="https://twitter.com/ali_charts/status/1675511332261568515">Ali</a> has hinted at a potential direction for Litecoin's (LTC) price based on its MVRV (Market Value to Realized Value) ratio. He observes that the 30-day MVRV for Litecoin is about 35% and that every time LTC has exceeded the 30% level since 2018, a sharp price correction follows. Consequently, LTC suffers a price drop ranging from 30% to 40%.
<blockquote class="twitter-tweet">
 Currently, <a href="https://twitter.com/hashtag/Litecoin?src=hash&amp;ref_src=twsrc%5Etfw">#Litecoin</a> MVRV 30D hovers around 35%.Historically, each time <a href="https://twitter.com/search?q=%24LTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$LTC</a> MVRV 30D exceeds the 30% mark since 2018, a sharp price correction typically follows! This usually translates to a <a href="https://twitter.com/hashtag/LTC?src=hash&amp;ref_src=twsrc%5Etfw">#LTC</a> price drop ranging from 30% to 40%. <a href="https://t.co/R5oMMaKWGc">pic.twitter.com/R5oMMaKWGc</a>— Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1675511332261568515?ref_src=twsrc%5Etfw">July 2, 2023</a>
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"Currently, Litecoin MVRV 30D hovers around 35%. Historically, each time LTC MVRV 30D exceeds the 30% mark since 2018, a sharp price correction typically follows. This usually translates to a LTC price drop ranging from 30% to 40%," Ali tweeted.
<a href="https://u.today/veteran-trader-peter-brandt-spots-major-breakout-on-litecoin-ltc-details">card</a>
Over the weekend, on-chain analytics firm Santiment warned of a local top formation for LTC as social volume rose.
According to Santiment, LTC social volume spikes frequently result in a temporary top.
On June 30, the price of LTC skyrocketed as it printed a massive green candlestick. The surge continued, reaching highs of $114.98 at the time of writing. The token is up nearly 27% in the last seven days.
Litecoin is presently trading at $110, up a little in the last 24 hours. The daily RSI is currently above the 70 overbought levels, suggesting that bulls may take a little breather before continuing the rise.
<h2 id="litecoin-forms-golden-cross">Litecoin forms golden cross</h2>
Litecoin has formed a golden cross, as shown on the daily chart. A golden cross occurs when the moving average (MA) 50 rises above the daily moving average (MA) 200 and is commonly seen as a positive indication.
<img alt="TradingView" data-entity-type="file" data-entity-uuid="0964c681-fbc7-499e-b494-f74da20f569d" src="https://u.today/sites/default/files/inline-images/03072023%200000.png">LTC/USD Daily Chart, Courtesy: <a href="https://www.tradingview.com/x/gBbBJWCX/">TradingView</a>
Because moving averages are backward-looking indicators, the signal indicates that the market's short-term gains have outpaced its long-term gains. Nonetheless, chart experts and traders regard it as a sign of rising prices in the long run.
<a href="https://u.today/litecoin-ltc-wraps-up-exciting-quarter-with-record-500000-daily-transactions">card</a>
The forthcoming halving event in August is regarded as a bullish stimulus for the Litecoin price. Each Litecoin halving was preceded by a significant price increase, implying that a similar scenario might be probable if history repeats itself.

Litecoin (LTC) Next Price Direction Hinted at by Crypto Analyst: Details

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