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<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/litecoin-struggles-with-market-volatility" data-wpel-link="internal" rel="noopener noreferrer nofollow">Litecoin Struggles with Market Volatility</a><br></p>
<p style="text-align: justify">Litecoin (LTC), which once soared to an all-time high of $412, has been unable to reclaim its peak since May 2021. The cryptocurrency market remains relatively stable, with <a href="https://en.bitcoinhaber.net/bitcoin-whales-accumulate-as-market-surges" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin</a> (BTC) at $66,749 and Ethereum (ETH) at $3,517, but LTC continues to face significant hurdles. Various factors, including a weakened risk appetite among <a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank" data-wpel-link="exclude">investors</a> and the volatility of BTC, have kept LTC below the $100 mark for months.</p>
<h2 id="why-is-ltc-facing-difficulty">Why Is LTC Facing Difficulty?</h2>
<p style="text-align: justify">The Average Directional Index (ADX), used to gauge momentum, indicates a weakening upward trend for LTC. Although the ADX remains above the crucial threshold of 25, any drop below this level could accelerate LTC’s decline, posing a considerable risk. Additionally, large-scale investors, or “whales,” have shifted to a bearish stance, evidenced by a decrease in transaction volumes exceeding $100,000 from $3.4 billion to $2.6 billion. This decline suggests a lack of confidence in LTC’s recent recovery attempts.</p>
<h2 id="will-ltc-break-the-downtrend-line">Will LTC Break the Downtrend Line?</h2>
<p style="text-align: justify">Over the past two months, LTC has made multiple unsuccessful attempts to break its downtrend line. Following the latest failed effort, the price fell from $90 to $71 and currently trades at $72. Should LTC fail to breach this downtrend, it risks testing the $69 mark again, with the potential to fall further to $61 if this support level is breached.</p>
<h2 id="key-takeaways-for-investors">Key Takeaways for Investors</h2>
<p style="text-align: justify">Investors can draw the following insights:</p>
<ul>
 <li>Monitoring the ADX indicator is crucial as it signals potential shifts in momentum.</li>
 <li>Large wallet transaction volumes can provide insights into market sentiment and confidence levels.</li>
 <li>Keeping an eye on the $69 support level will be critical in the short term.</li>
</ul>
<p style="text-align: justify">Despite these challenges, LTC remains above its Fibonacci support level, helping to curb further declines. A positive outlook hinges on BTC overcoming pressures from MTGOX and US sales, which could potentially turn $80 into a support level for LTC and pave the way for targets above $100.</p>
<p style="text-align: justify">Looking ahead, the ongoing release of MTGOX funds and the US’s planned BTC sales remain key factors. However, with over 100,000 BTC already sold, eliminating the excess supply could create a more favorable environment for cryptocurrencies, including LTC, by the year’s end.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/litecoin-struggles-with-market-volatility" data-wpel-link="internal" rel="noopener noreferrer nofollow">Litecoin Struggles with Market Volatility</a></h5>

Litecoin Struggles with Market Volatility

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Інші статті, опубліковані 23 лип. 2024 р.

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