Is Litecoin at risk of falling to $63? beat the odds

• Litecoin fell 5.64% in 24 hours.
• Various technical indicators showed a possible reversal as whale accumulation increased.

Litecoin (LTC) has experienced significant price declines over the past seven days. During the same period, it fell 7.84% and 5.64% in 24 hours.

At press time, LTC was trading at $72.98 with trading volume increasing 121.34% over the past 24 hours to $558 million. According to CoinMarketCap, LTC’s market cap had fallen 5.6% to $4.5 billion at press time.

Source: TradingView

AMBcrypto’s analysis shows that LTC is struggling to establish an upward trend. The price faced tremendous pressure locally with a low support level of around $70.89 and a resistance level of 80.29.

Continued price consolidation may cause the price to fall below the $70.89 support level.

Prices are falling due to market pressure, and if that downtrend continues, a new support level would fall to around $63.46.

However, the 121% surge in volume shows that the bears were attempting to hold the current price, resulting in consolidation.

Source: TradingView

RSI was 29.52 and RSI-based MA was 40.70. When the RSI-based MA falls below the MLA, there is a strong bearish trend. If RSI falls below 30, it means that LTC is in oversold territory.

Oversold areas are usually a sign of a reversal that could lead to a price bounce in the near future. Oversold areas allow buying opportunities as prices recover from oversold conditions.

Litecoin: Is there upside potential?

Source: Santiment

According to Santiment, LTC has seen a significant surge in active addresses. Active addresses increased 45% from June 7 to 15, from 3.13 million to 4.54 million.

An increase in active addresses over the past seven days is a good indicator of positive market sentiment. Overall, the increased activity demonstrates improved interest in and trust in LTC.

Source: Santiment

In particular, data on whales holding more than $5 million shows increased interest and trust in LTC. At press time, 52.513% of the total supply was occupied by whales.

Since June 13, the total supply held by whales has increased from 52.06 to 52.513 on June 15. During this period, selling pressures decreased and positive sentiment increased.

Realistic or not, the LTC market cap relative to BTC is:

Will the bearish trend continue?

LTC has experienced a volatile market over the past seven days, falling from a recent high of $85.5 to $72.28. If the negative trend continues, LTC will hit a new low of $63.58, setting a new support level.

However, if positive market sentiment persists, LTC will likely reverse to a bullish trend and hit $85.96 as Bitcoin (BTC) maintains its bounce from its current downtrend.