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Highlights
- A flattish trend in daily EMAs (20, 50, 100, and 200) accentuates an active consolidation in LTC price.
- The formation of a double bottom pattern could trigger a recovery to the $100 mark
- The 24-hour trading volume in the Litecoin coin is $382.2 Million, marking a 54% gain.
Litecoin Price Analysis: Amid the recent market consolidation, the Litecoin price showcased a notable resilience above the $74.5 support. The daily chart projecting long-wick rejection candles at this support indicates the buyers are actively accumulating this asset at a discounted price. With the Bitcoin price jumping above $65000 on Monday, a majority of major altcoins, including LTC show higher potential to reclaim lost ground.
Also Read: Top 4 Crypto Picks for May 2024: BDAG, LTC, AVAX, & ADA
Litecoin Targets $100 as Bullish Patterns Emerge
Over the past two months, Litecoin’s daily chart has shown a huge price swing from $113 to $74.5 levels, but only extending sideways. While this consolidation showcases a lack of indication from buyers to sellers, the asset has managed to hold its value above $74.5.
The coin price has rebounded from the aforementioned support three times during the recent consolidation trend, indicating that buyers have not given up on this asset. A recent reversal from $74.5 has uplifted the asset by 9% to currently trade at $81.5.
Recent data from Santiment, highlighted by trader Kamikaze, reveals intriguing insights into Litecoin (LTC) market dynamics. Despite a decline in Bitcoin’s price, substantial accumulation by whale investors suggests a potential long-term bullish sentiment among key holders.
Although the price of #Litecoin has fallen, data from @santimentfeed shows that whales purchased an additional 100,000 LTC between April 28th and May 4th. This counter-trend behavior suggests potential long-term bullish sentiment among major holders.$LTC #Crypto pic.twitter.com/VbqMrYUwIP
— 山丨ㄥㄥ Trader_Kamikaze 🇧🇷 🤘 (@trader_kamikaze) May 5, 2024
Between April 28th and May 4th, whales added an additional 100,000 LTC to their holdings. This counter-trend behavior, as depicted in the accompanying chart, indicates a possible shift in sentiment among major holders, potentially signaling a positive outlook for Litecoin in the future.
If the bullish momentum persists, the LTC price could gain another 8.6% and develop a bullish reversal pattern called a double-bottom. A breakout above the $88.6 neckline which is also the last swing high will signal an initial signal of trend reversal.
A post-breakout rally could push the LTC price to a potential target of $100, followed by $112.
Technical Indicator:
- Exponential Moving Average: A potential bearish crossover between the 20-and-100-day EMA may accelerate the selling momentum and extend current consolidation.
- Relative Strength Index: The daily RSI wavering at 44% indicates a neutral to bearish sentiment in the market.
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