Litecoin’s 2024 Prospects: Will LTC Surge Beyond $72?

• Analysts have subjected Litecoin to a comprehensive analysis and observed that the asset may not stage any unprecedented price surge in the near term.

• According to them, almost all technical indicators show a bearish sign.

Litecoin (LTC) is known as one of the most undervalued cryptos in the market with a current price of $75.07. In the last three months, the asset has only managed a 16% price surge. Currently, Litecoin has a bullish market sentiment with a score of 65/100. The current price action is quite positive as the asset has made a 1.78% run in the past seven days and a 2% surge in the past 24 hours. In the last 30 days, Litecoin has surged by 3.7% according to market data. Currently, Litecoin has a market cap of $5,550,701,439.

According to analysts, January seems to be a promising month for the digital asset to make a run towards its network value model. A crypto analyst identified as “Master” shared a chart on X showing that Litecoin is in a position where it staged a bull run the last two times a similar trend happened.

January seems like a great time for litecoin to start moving towards its network value model. Litecoin price now at the apex of this triangle. The last two times this happened, litecoin entered into the bull market phase.

More on the Litecoin Price Analysis

The next price movement was assessed by experts using LTC’s on-chain data. It was observed that the bearish sentiment surrounding the asset has increased over time. This is validated by the dropping of the Weighted Sentiment. The popularity of the asset has also reduced significantly as the social volume sees a decline. Regardless, the Funding Rate is green. This indicates that traders are still accumulating the asset in expectation of a future price surge. The MVRV ratio is showing a bearish signal as it declines. Regardless, the transaction count of the asset remains high, and the same can be said of its velocity.

At the crossover time, it was observed that MACD was showing a bearish signal with the Relative Strength Index (RSI) showing a reading near the neutral level. On top of that, Bollinger Bands hinted that there could be less likelihood of the price hitting an unprecedented surge in the near term as it entered a less volatile zone. Data from Hyblock Capital shows that Litecoin experienced a liquidation at the $77.8 mark. This implies that the price would have to go past that level for investors to see profit.

Another report by Kaiko titled “Q3 Token Liquidity Rankings” shows that Litecoin was the fifth largest crypto in terms of liquidity within the period under review. An excerpt of the report states:

XRP, DOGE, ADA, and SOL all perform roughly in line with their market cap, while LTC outperforms to place 5th by liquidity. TON is the top underperformer, coming in at 9th by market cap and a lowly 37th by liquidity. Other underperformers include SHIB, TRX, DOT, UNI, AVAX, ICP, QNT, and, as usual, the exchange tokens LEO, OKB, and CRO.

A price prediction platform has predicted that Litecoin could finish the year with a minimum price of $165.15. On average, the asset is expected to hit $187.67 this year.

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