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Litecoin (LTC) is in a critical test

In today's analysis, we will look at the recent price action of Litecoin (LTC) and its on-chain activity to understand fundamental trends and movements future potential Medium term.

Bitcoin's struggle to breach the $61,000 price level has put pressure on LTC. Which caused it to trade below the critical support level of $80. What motivates this behavior? Let's look at the details.

Litecoin (LTC) is trading just above a critical support level

In the chart below, we observe the price action of Litecoin over a 4-hour period. The red lines highlight key support and resistance levels. Currently the price is around $79. A drop below the $75 range could trigger a series of selloffs. Which leads to even lower prices.

LTC/USDT 4H Chart and Ichimoku Cloud: TradingView
LTC/USDT 4H Chart and Ichimoku Cloud: Trading View

The $80.37 level, close to the $80 level, corresponds to the 0.618 Fibonacci retracement level which serves as crucial medium-term support.

Litecoin price recently attempted to break below the 4-hour Ichimoku cloud. If the price closes below the cloud. This could increase volatility and lead to a continued medium-term price correction to $75.

Read more: Litecoin (LTC) Price Forecast for 2024, 2025, 2026, 2027

If the price refuses to rise above the cloud, this may indicate a possible trend reversal.

Spending volume by age group reveals key market trends

The charts shown display spending divided by age groups. Green bars represent LTC held for 1 hour to 24 hours before spending, blue bars show LTC held for 1 day to 1 week before spending, light green bars show LTC held for 1 week to 1 month before spending, red bars represent LTC Held 1 to 3 months before spending. The black line represents the LTC price in USD.

Volume of long-term care spent by age group: Glassnode
Volume of long-term care spent by age group: Glass knot

The largest volume is spent between 1 hour and 24 hours (on average, 800,000 LTC is spent per day). Which indicates a lot of trading activity in the short term. This rapid trading activity can make the price more volatile.

Learn more: How to buy Litecoin LTC in 4 steps?

On May 10, significant selling was experienced by medium-term holders, those who hold LTC for 1-3 months. This may indicate a change in sentiment or profit-taking behavior. These increases could lead to a fall in prices in the medium term.

Volume of long-term care spent by age group: Glassnode
Volume of long-term care spent by age group: Glass knot

Strategic Decision Making and Forecasting for Litecoin

  • Outlook: Bearish to Neutral: LTC price is struggling below the $80 support level, showing weakness after Bitcoin challenges at $61,000. This sparked fear among shareholders, with short-term investors exiting to cut their losses.

  • Conditional support: If Bitcoin price falls below 61,000, LTC could face a notable price decline in the medium term to $75.

  • Price forecasts and recommendations: In a bearish scenario, LTC could fall to $70 if the Bitcoin price falls to 59,000. To reduce risk exposure, traders should wait for the price to drop below $75 before buying. The ideal buying range would be between $70 and $72 for an optimal entry position. It is recommended to set a stop loss at $68 to manage potential downside risks and to target a sale price between $85 and $90 to benefit from the next bullish wave.

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الأسواق,تحليل لايتكوين (LTC)