Litecoin (LTC) has been making headlines as one of the top gainers in the past 24 hours, while Bitcoin (BTC) surged to $97,000. Despite the negative news about the US SEC delaying the Litecoin Spot ETF from Canary Capital, Litecoin’s performance has been noteworthy.
In the short term, Litecoin’s performance shows a corrective approach, but its long-term performance has been impressive, fueling new high cycles. Despite facing increased selling pressure, Litecoin has managed to regain the $90 zone, instilling confidence in the asset.
Key indicators like MACD and CMF are pointing towards a cooling period and potential selling. The CMF indicator is currently at the centerline, indicating weakening buying pressure despite rising prices.
Looking at the on-chain data, Litecoin’s Network Realized Profit/Loss (NPL) has shown an increase in unrealized gains, which could potentially turn the market greedy at any time. In the short term, Litecoin might lose its upward momentum.
On the weekly chart, LTC/USD has shown admirable performance since July 2022, creating an upward channel and attempting a horizontal breakout multiple times. The price is now approaching the $100 mark, with the RSI approaching 50 from the bottom and the MACD heading towards neutral.
In conclusion, Litecoin has made a strong comeback since its April dips, aiming to break the key resistance at $100. If buyers lose control, a price drop to $85 could be seen, but if the market cycle remains bullish, $105 is a possibility in the next two weeks.
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