Litecoin (LTC) continues to intrigue investors with its trading at a critical price level, which could lead to a price rally as we approach 2024. The performance of Bitcoin could unexpectedly influence Litecoin’s price, potentially acting as a catalyst for its market movement.
According to data from 21milyon.com, Litecoin’s price has maintained a relatively neutral stance in the last 24 hours. At the time of writing, LTC boasts a market capitalization of over $5.4 billion, trading at $73.29, making it the 18th largest cryptocurrency by market cap.
The 24-hour trading volume has remained consistent with the previous day, hovering just above $271 million. Recent data suggests that a price increase is possible given the general market structure.
A tweet from user MasterBTCLTC hints that January could be an excellent time for Litecoin’s network value model progression. On-chain data for LTC suggests increasing bearish sentiment, as indicated by a decline in Weighted Sentiment.
Additionally, a drop in Social Volume may reflect a decrease in Litecoin’s popularity. However, the Funding Rate remains positive, indicating continued buying interest in LTC, even as social sentiment remains low. Despite these factors, the transaction count for LTC remains high.
LTC’s daily chart shows the MACD indicating a slight downtrend at the time of writing, while the Relative Strength Index (RSI) is close to the neutral 50 zone, at 51.92. Despite the potential for a bull rally in Litecoin, certain obstacles must be overcome to sustain gains. According to Hyblock Capital, the $77.8 level is crucial for Litecoin, with a significant liquidation zone around this price point. Even if a bullish run for LTC begins, the $77.8 level will be critical for investors in the coming days, and surpassing this level will be necessary for satisfactory profits.