Litecoin Price Prediction as Bulls Protect Key Support at $68 – Is a Rally Brewing?
The Litecoin price has scarcely changed in the past 24 hours, with its move to $69.08 representing a slight 0.2% loss in 24 hours and an 8% fall in a week.
LTC has also gained by 4.5% in a fortnight, yet it remains down by 3% in a month and by 17% in a year, with these declines symptomatic of a disappointing 2023 for the altcoin.
But because its 2023 was so underwhelming, there’s an argument that LTC is starting from a low base and may therefore have a better-than-average 2024.
Litecoin looks very weak right now, yet the flipside to this fact is that it’s in an oversold position that’s ripe for a recovery.
Most notably, its price and 30-day average (yellow) are both well below its 200-day average (blue), a clear signal of weakness and overselling.
Similarly, LTC’s relative strength index (purple) has been below 50 for several days, yet it has just started to inch upwards this morning.
As such, the coin may be on the brink of a rebound of some kind, one which would certainly be overdue.
Interestingly, its 24-hour trading volume has risen a little today, moving from just under $500 million a few days ago to just over $800 million as of writing.
Again, this could mean that traders have decided to take advantage of the big discount LTC is offering right now, with the coin actually up by 0.5% in the past hour.
There has also been some sign in recent weeks that some whales are accumulating LTC at the moment, given how cheap it is.
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