Ethereum

2024

Litecoin

Million

<ul class="list-ic vertical">
 <li>1 <a>Litecoin trades with a bearish bias and directs selling pressure on the charts.</a></li>
 <li>2 <a>LTC price slips below the major support 200-day EMA mark.</a></li>
</ul>
Litecoin (LTC) seems in trouble now, and its price has dragged below the 200-day EMA mark, causing bearishness on the charts.
For weeks, the Litecoin price hovered inside a range and remained stable. In yesterday’s session, sellers targeted LTC and pushed it below the key support zone of $80.
The Litecoin price has now slipped below its major support and is on the verge of a range breakdown.
If sellers continue to showcase dominance and succeed in breaching the $75 mark, a massive impulsive down move over 10-15% can be seen, which may lead LTC price toward the $60 mark ahead.
At press time, the Litecoin price traded at $79.43&nbsp; with an intraday drop of 5.30%, reflecting bearishness on the charts. It has a monthly return ratio of -2.30% and -10.20% yearly, reflecting a short-term bearish outlook.
The pair of LTC/BTC is at 0.00115 BTC, and the market cap is $5.85 Billion. Analysts are neutral and suggest that the LTC price may register a range breakdown and drag gains toward the $60 mark ahead.
<h2 class="wp-block-heading" id="strong-litecoin-lost-momentum-is-ltc-ready-for-a-sharp-fall-ahead-strong">Litecoin Lost Momentum: Is LTC Ready for a Sharp Fall Ahead?</h2>
The daily charts of Litecoin reveal selling pressure and direct rejection from the top. Trading in the downside trajectory, Litecoin’s price is heading toward its make-or-break support of $75.
Moreover, it is trading below its significant moving averages and directs underperformance on the charts.
Until the <a href="https://www.thecoinrepublic.com/2024/03/30/can-litecoin-price-continue-advancing-and-reach-higher-levels/" target="_blank" rel="noopener noreferrer nofollow">Litecoin price</a> retains the $90 mark, the selling pressure will remain intact, and more downsides can be seen. 
<a href="https://www.tradingview.com/chart/LTCUSDT/b63DenjG-LTC-Price/" rel="noopener noreferrer nofollow"></a><a href="https://www.tradingview.com/u/TheCoinRepublic/" rel="noopener noreferrer nofollow"></a><a href="https://www.tradingview.com/" rel="noopener noreferrer nofollow"></a> 
Source: TradingView
Moreover, the trading volume spiked over 69.90% to $773.90 Million, reflecting the potential downove ahead.&nbsp; Notably, Litecoin has ranked at 23 per the market capitalization and has a total supply value of 73.68 million.
The Relative Strength Index (RSI) curve dragged below the midline region, and a negative crossover was observed on the charts.
Per the price action, sellers are willing for a possible down move and may push LTC toward its demand zone of $60 in the upcoming trading sessions.
Likewise, the LTC price is on the verge of its lower Bollinger band support region and trades close to the 23.6% Fib support zone.
@IntoTheBlock, in his recent tweet, mentioned that Litecoin (LTC) had experienced a surge of over 75% in the number of active addresses yesterday, reaching the highest level since January and surpassing Ethereum by over 100,000.
<center>
 <blockquote class="twitter-tweet">
 Litecoin Activity is Spiking! Yesterday, the number of active <a href="https://twitter.com/litecoin?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@litecoin</a> addresses surged by 75%, reaching the highest level since January and surpassing Ethereum by over 100,000. Similarly, the number of <a href="https://twitter.com/search?q=%24LTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$LTC</a> transactions hit 426,000 yesterday. While most of the increase is… <a href="https://t.co/YiSmHZGnP5" rel="noopener noreferrer nofollow">pic.twitter.com/YiSmHZGnP5</a>— IntoTheBlock (@intotheblock) <a href="https://twitter.com/intotheblock/status/1799006336451244319?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">June 7, 2024</a>
 </blockquote>
 <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</center>
Source: X
<h3 class="wp-block-heading" id="strong-what-do-social-insights-reveal-about-litecoin-strong">What Do Social Insights Reveal About Litecoin?</h3>
Despite the price decline, the social dominance value surged over 30% this week, reaching 0.683%, witnessing a neutral outlook. <iframe loading="lazy" title="Santiment Chart: Social Dominance (LTC), Twitter Followers 7d (LTC)" width="1170" height="425" src="https://embed.santiment.net/chart?ps=litecoin&amp;pt=LTC&amp;df=2024-01-30T00%3A00%3A00.000Z&amp;dt=2024-06-07T18%3A29%3A59.909Z&amp;emcg=1&amp;emhwm=1&amp;wm=social_dominance_total%3Btwitter_followers_7d&amp;wax=0%3B1&amp;wc=%23FF5B5B%3B%23FFCB47&amp;ws=%7B%22interval%22%3A%221d%22%7D%3B%7B%22interval%22%3A%221d%22%7D" scrolling="no"></iframe>
Source: Santiment
Going forward, the X (Twitter) followers’ data remained close to -29 and is still in negative territory.
<h3 class="wp-block-heading" id="strong-development-activity-and-open-interest-data-overview-strong">Development Activity and Open Interest Data Overview</h3>
The development activity data remained flat in the downside region and did not showcase any major changes in the past sessions. The value was noted at 0.071, revealing a negative outlook. <iframe loading="lazy" title="Santiment Chart: Development Activity (LTC), Total Open Interest in USD (LTC)" width="1170" height="425" src="https://embed.santiment.net/chart?ps=litecoin&amp;pt=LTC&amp;df=2024-01-30T00%3A00%3A00.000Z&amp;dt=2024-06-07T18%3A29%3A59.909Z&amp;emcg=1&amp;emhwm=1&amp;wm=dev_activity%3Btotal_open_interest&amp;wax=0%3B1&amp;wc=%238358FF%3B%23FF5B5B&amp;ws=%7B%22transform%22%3A%7B%22type%22%3A%22moving_average%22%2C%22movingAverageBase%22%3A42%7D%2C%22interval%22%3A%221d%22%7D%3B%7B%22interval%22%3A%221d%22%7D" scrolling="no"></iframe>
Source: Santiment
Meanwhile, the open interest data dropped over 7.68% to $334.24 Million in the last 24 hrs and is guiding the long unwinding activity. The immediate support levels for Litecoin are $75 and $68, whereas the critical upside hurdle is around $83, followed by $90.
<h4 class="wp-block-heading">Conclusion</h4>
Litecoin looks bearish on the charts and reveals selling pressure in the last trading session. The LTC coin might see a range breakdown and stretch the down move below $75 soon.
<h5 class="wp-block-heading">Disclaimer</h5>
This article is for informational purposes only and provides no 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.

Litecoin Breached the 200-Day EMA: Can Bears Push LTC Toward $60?

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Thecoinrepublic.com

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