Litecoin (LTC) Price Pressured: Will it Drop to US$63?

Bittime - Litecoin (LTC) pricehas been under pressure lately. In the past week, its price has fallen 4.3%, with a sharp decline of 13.7% occurring in the last 30 days. 

When this article was written, the LTC price was around IDR 1.22 million (US$74.52) with trading volume increasing by 121.34% to IDR 4.3 trillion (US$263.4 million) in the last 24 hours.

Check Today's Crypto Market:

LTC Market Cap Declines

Data from CoinStats shows LTC's market capitalization shrank 5.6% to IDR 73.4 trillion (US$4.5 billion) at the time of writing. Bitcoinworld analysis warns that LTC is struggling to build upward price momentum. 

LTC price is currently facing strong selling pressure, with the closest support level at around IDR 1.15 million (US$70.89) and resistance at IDR 1.32 million (US$80.29).

If the price consolidation trend continues, LTC prices could potentially fall to penetrate the support level of IDR 1,154 million (US$70.89). Heavy selling pressure could cause a new support level to form around IDR 1,031 million (US$63.46).

However, an increase in trading volume of 121% shows that there are efforts from those who want to maintain the current LTC price, resulting in consolidation. The RSI (Relative Strength Index) indicator is at 29.52, and the RSI-based MA is at 40.70. 

When the RSI-based MA is below its own value, it indicates a strong downward trend. An RSI reading below 30 indicates that LTC is in "oversold" territory.

Also Read How To Buy Crypto:

Oversold conditions are usually a potential signal for a trend reversal, where prices could rise again in the near future. This condition can be used by investors as an opportunity to buy LTC at a lower price.

Also read: CFTC Moves Forward: Ethereum and Litecoin Officially Categorized as Commodities!

Will LTC Prices Rise Again?

According to Santiment, LTC has seen a significant increase in the number of "active addresses" recently. The number of active addresses jumped 45% from 3.13 million to 4.54 million between June 7 and 15. 

This increase in active addresses is a positive indicator that reflects investor confidence and interest in LTC.

Apart from that, data on LTC ownership by "whales" (investors with large holdings) who control more than IDR 82 million (US$5 million) per digital wallet also shows an increase. At the time of writing, 52,513% of the total LTC supply is controlled by whales.

Based on this data, whale ownership of LTC increased from 52.06% on June 13 to 52.513% on June 15. This increase in ownership was accompanied by a decrease in selling, indicating positive sentiment among large investors.

Check Crypto Prices Today:

Will LTC's downward trend continue?

LTC prices experienced high fluctuations in the past week, falling from their highest price of IDR 1,403 million (US$85.5) to IDR 1,184 million (US$72.28). If the negative trend continues, LTC has the potential to set a new decline record at IDR 1,035 million (US$63.58), which will become a new support level.

However, if positive sentiment from investors becomes dominant again, LTC could reverse into an upward trend and reach IDR 1,407 million (US$85.96), assuming the price of Bitcoin (BTC) also recovers from its current decline.

How to Buy Litecoin (LTC) on Bittime

You can buy and sell Litecoin (LTC) in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

Litecoin (LTC) is available on Bittime with the market pair LTC/IDR. To be able to buy LTC IDR at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

Learn the complete guide on how to buy Litecoin (LTC) at Bittime. 

Monitor price chart movements for Litecoin (LTC), Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.

Also read:

Crypto Investment: BlockDAG vs Polkadot and Litecoin, Which to Choose?

Litecoin, Could Go Up 10$ or Down 10$, Check Out This Analyst's Prediction

Dogecoin, Litecoin, and Bitcoin Cash Futures Trading Plan Facts on Coinbase

Opportunity to Peek at the Light Behind the Bitcoin Halving: These 3 Altcoins Are Ready to Take Off!

DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.