Litecoin Price Prediction – What to Expect?

The investors in Litecoin (LTC) saw positive movement in the coin's price last week, signaling the potential for further gains.

The recent surge has brought LTC to a critical level that could initiate a broader uptrend.

Data from CoinMarketCap shows that the price of LTC increased by about 3% in the past week, although the value started to fall yesterday. At the time of writing, LTC is trading at $85.16 with a market capitalization of about $6.26 billion. Despite the recent stabilization, LTC is consolidating near a significant resistance level, suggesting bullish sentiment.

Some analysts believe that LTC is poised to break above this resistance level, citing previous instances where such a move saw it reach $110 earlier in April 2024. If historical patterns repeat themselves, investors may see LTC to hit new highs with initial target at $110.

A closer look at the LTC metrics reveals increased whale activity, as evidenced by the increase in the number of whale transactions over the past week. Moreover, LTC's MVRV ratio, which is an indicator of market sentiment, is showing an upward trend, currently standing at 8.49%.

However, not all indicators are favorable. LTC's NVT ratio, for example, has risen sharply, indicating potential overvaluation. In addition, there has been an increase in LTC "reserve risk", suggesting low confidence and potentially high prices - a bearish signal that often precedes a price correction.

Despite these concerns, most market indicators paint an optimistic picture. The MACD showed a bullish crossover, while the Money Flow Index (MFI) and the Chaikin Money Flow (CMF) saw notable gains.

These indicators suggest the possibility of LTC starting a bullish rally, potentially retrieving $110 in the near term.