Rally

bullish

Litecoin

Litecoin (LTC) price has recently experienced a significant market correction, reflecting a downward trend. The altcoin has slipped below the crucial $65 support level, signaling growing bearish sentiment among traders. This decline is part of a broader correction in the cross-border cryptocurrency market.
<h2 id="strong-litecoin-price-plunges-triggers-massive-ltc-short-liquidations-strong">Litecoin Price Plunges, Triggers Massive LTC Short Liquidations</h2>
According to <a rel="noopener noreferrer nofollow" href="https://www.coinglass.com/currencies/LTC">Coinglass</a> data, the Litecoin price experienced significant liquidation events recently, notably a sharp peak around August 21, 2024.&nbsp;
On this day, a substantial volume of both long and short positions was liquidated, with a notable spike in trading volume occurring in tandem with a sharp fluctuation in LTC price.&nbsp;
The chart shows a spike in short liquidations amounting to over $666,000 across several exchanges, suggesting a sudden and sharp increase in LTC price that triggered these liquidations.
<figure id="attachment_213422" aria-describedby="caption-attachment-213422" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="size-full wp-image-213422" src="https://coingape.com/wp-content/uploads/2024/08/82F22DF4-13D0-48CB-99EF-557DB0ED0596_4_5005_c.jpeg" alt="Litecoin Price Analysis: Could LTC Rally by 37% After Recent Drop?" width="1294" height="354" srcset="https://coingape.com/wp-content/uploads/2024/08/82F22DF4-13D0-48CB-99EF-557DB0ED0596_4_5005_c.jpeg 1294w, https://coingape.com/wp-content/uploads/2024/08/82F22DF4-13D0-48CB-99EF-557DB0ED0596_4_5005_c-300x82.jpeg 300w, https://coingape.com/wp-content/uploads/2024/08/82F22DF4-13D0-48CB-99EF-557DB0ED0596_4_5005_c-1224x335.jpeg 1224w, https://coingape.com/wp-content/uploads/2024/08/82F22DF4-13D0-48CB-99EF-557DB0ED0596_4_5005_c-768x210.jpeg 768w, https://coingape.com/wp-content/uploads/2024/08/82F22DF4-13D0-48CB-99EF-557DB0ED0596_4_5005_c-150x41.jpeg 150w" sizes="(max-width: 1294px) 100vw, 1294px">
 <figcaption id="caption-attachment-213422" class="wp-caption-text">
 Source: Coinglass
 </figcaption>
</figure>
<h2 id="strong-litecoin-price-forecast-can-ltc-rally-to-80-strong">Litecoin Price Forecast: Can LTC Rally to $80?</h2>
<a href="https://coingape.com/price/litecoin/" rel="noopener noreferrer nofollow">LTC price</a> plunged by 5% to $63.63 on Wednesday, reflecting broader market trends affecting other cryptocurrencies. With <a href="https://coingape.com/bitcoin-options-block-trading-flashes-bearish-signs-despite-btc-reclaiming-60k/" rel="noopener noreferrer nofollow">BTC price</a> hovering below $60,000, investors are witnessing a period of significant fluctuation.&nbsp;
Over the past 24 hours, Litecoin has seen a low of $62.42 and a high of $66.16, indicating the volatility in the crypto market.
Over the past week, the price of Litecoin has surged slightly by 0.43%, following the recovery in the past few days. However, LTC has decreased 13% over the past month, underscoring its longer-term challenges amid broader market pressures.
<h2 id="strong-whale-activity-and-liquidations-signal-market-volatility-strong">Whale Activity and Liquidations Signal Market Volatility</h2>
According to <a rel="noopener noreferrer nofollow" href="https://app.santiment.net/charts/hB3DsWrx__sCl">Santiment</a> data on the Litecoin price market, the number of large-scale transactions often aligns with significant price adjustments. There is a visible correlation between spikes in whale transaction activity and movements in the price of LTC.&nbsp;
<figure id="attachment_213421" aria-describedby="caption-attachment-213421" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="size-full wp-image-213421" src="https://coingape.com/wp-content/uploads/2024/08/Source-Santiment-data.png" alt="Litecoin Price Analysis: Could LTC Rally by 37% After Recent Drop?" width="1102" height="571" srcset="https://coingape.com/wp-content/uploads/2024/08/Source-Santiment-data.png 1102w, https://coingape.com/wp-content/uploads/2024/08/Source-Santiment-data-300x155.png 300w, https://coingape.com/wp-content/uploads/2024/08/Source-Santiment-data-768x398.png 768w, https://coingape.com/wp-content/uploads/2024/08/Source-Santiment-data-150x78.png 150w" sizes="(max-width: 1102px) 100vw, 1102px">
 <figcaption id="caption-attachment-213421" class="wp-caption-text">
 Source: Santiment
 </figcaption>
</figure>
<a href="https://coingape.com/price-predictions/litecoin-ltc-price-prediction/" rel="noopener noreferrer nofollow">Litecoin price prediction</a> currently faces a downward trend, with the potential to revisit the $60 support mark. Increased selling pressure might further depress its value to $55, signaling a deeper bearish phase.&nbsp;
The 4-hour technical indicators for Litecoin show a notable downward trend. The Relative Strength Index (RSI) has seen significant shifts. Initially, the RSI dipped below the 40 mark at 32,&nbsp; suggesting a neutral rend, and if bears gain more, the trend could dip to an oversold region.
<figure id="attachment_213423" aria-describedby="caption-attachment-213423" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="size-full wp-image-213423" src="https://coingape.com/wp-content/uploads/2024/08/LTCUSDT_2024-08-21_18-54-23.png" alt="Litecoin Price Analysis: Could LTC Rally by 37% After Recent Drop?" width="1154" height="622" srcset="https://coingape.com/wp-content/uploads/2024/08/LTCUSDT_2024-08-21_18-54-23.png 1154w, https://coingape.com/wp-content/uploads/2024/08/LTCUSDT_2024-08-21_18-54-23-300x162.png 300w, https://coingape.com/wp-content/uploads/2024/08/LTCUSDT_2024-08-21_18-54-23-768x414.png 768w, https://coingape.com/wp-content/uploads/2024/08/LTCUSDT_2024-08-21_18-54-23-150x81.png 150w" sizes="(max-width: 1154px) 100vw, 1154px">
 <figcaption id="caption-attachment-213423" class="wp-caption-text">
 Litecoin Price Chart: <a rel="noopener noreferrer nofollow" href="https://www.tradingview.com/x/NfmDKWAL/">TradingView</a>
 </figcaption>
</figure>
Conversely, overcoming the $65 resistance could spark a bullish wave, possibly lifting the Litecoin price towards $80. A sustained bullish effort might even propel LTC to the $100 level in an upcoming rally.
The post <a href="https://coingape.com/markets/litecoin-price-analysis-could-ltc-rally-by-37-after-recent-drop/" rel="noopener noreferrer nofollow">Litecoin Price Analysis: Could LTC Rally by 37% After Recent Drop?</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Litecoin Price Analysis: Could LTC Rally by 37% After Recent Drop?

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