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Recently, LTC price took a sharp rejection from the 200 EMA on the daily time frame after making a double-top pattern. LTC coin saw a bullish surge of 25% after gaining support from bulls near $75.00 around early May.
Previously, the price was unable to reach above its target of $100 even after gaining aggressive support from the buyers.
Presently, it is trading just above 200 EMA with a decline of 12% after making a double top pattern. The current value of the LTC coin is $88.14 and it has a market capitalization of $6.44 Billion.
Fall in Bullish Sentiments, Boost in Spam Volume
A minor fall was observed in bullish sentiments over the past few days. The total bullish sentiment rate fell by 6.67% though there is an increase in the 24-trading volume (35.65%).
Furthermore, the total spam volume has increased dramatically within the last week by 1.83K%. Investors may take note of the sudden increase in the spam volume of the token which may create a negative impact on the price.
Increase in the TVL, and Active Users in the LTC Coin
A recent positive surge has been observed in TVL and the number of active users within the past few months. The lite coin made its all-time high reaching 800K users. The present TVL of the token is 1,75 Million.
Technical Analysis (1-Day Timeframe )
The RSI line is moving near the median line after making an M-like pattern, taking resistance from 14 SMA. The present RSI value is 46.49 points and the 14 SMA is trading below it at around 53.82 points.
The stochastic RSI has reached the demand zone on the daily chart. The current value of the %K line is 17.32 points, it may give a bearish interception to the median line and the %D line is 53.82 points.
Conclusion
From previous analyses, it can be estimated that the price of LTC price is under the command of sellers. The sudden increment in the spam volume of the token can create a negative impact on the price.
Technical levels –
Support –$70.0 and $80.0
Resistance – $100.00 and $90.00
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
