Litecoin has pulled back in the past month, erasing its gains after bottoming in April.
Litecoin summer sizzle turned late-season chill. Currently, the silver coin to Bitcoin’s gold is priced at $85.98, a near 20% decline since the May highs. Is this just a passing gust or an initiation of the altcoin autumn? Litecoin is not alone in feeling this; Cardano and Chainlink are going through similar pullbacks, and investors are wondering on whether the turning tide is upon them.
Price of LTC dips defying bullish cues. An approval of the LTC ETF had once looked like a far-fetched dream but now presents itself with 76% chance of happening, and yet the market yawns away. A temporary hiccup or just a cry that ETF hype can’t be the catalyst for the silver crypto?
Is an ETF green light just around the corner? The hope grows in the possibility of its approval, considering the proof-of-work nature of this cryptocurrency, which it shares with Bitcoin (BTC). But here comes the interesting bit: imagine a Bitcoin with a twist. Instead of Bitcoin’s hard cap of 21 million, this cryptocurrency features a more generous limit of 84 million coins. So, will this slight difference make it into an ETF?
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A Bitcoin ETF set a precedent with the SEC, but will Litecoin ETFs follow suit? An acceptance of an LTC ETF might well draw in a slew of investment in the US markets and thus send the silver crypto soaring.
The downtime giant known as LTC is slowly waking up. It seems to be frenzy feeding time, as the large wallets (with between 100K and 1M LTC) are busy increasing their hoards. Since April 15, this particular group has, in total, purchased some 2 million tokens, rising from 25.8 million to 27.8 million. Perhaps this build-up might act as fuel for the next big price pump for LTC!
Litecoin is all abuzz! Social media is light with chatter for silver to the gold of Bitcoin. Recent data shows that the social dominance of Litecoin has surged from 0.512% to a noteworthy 0.734% in between just a couple of days. This jump means that Litecoin is grabbing social media users’ collective glare in a brand-new way.
LTC whales and social dominance | Source: Santiment
Litecoin price technical analysis
LTC price chart | Source: crypto.news
In April, the price of Litecoin took a hard fall to $63.30 and staged an epic comeback on the waves of a crypto market frenzy, climbing to $106.72. The daily chart shows the picture of resilience in times of volatility.
Recently, however, the set-up has undergone some changes. The stock below the 50-day and 200-day EMA has all the trappings of a power shift in contrast. Such breakouts are not pullbacks but red flags signaling bears moving ahead.
Litecoin’s price is waving a bullish flag, indicating that it may rise. Consider the flagpole to be stuck down firmly, erect from $63.29 to $106.72, which is the first rally. Now, the flag itself flutters downward, descending in a channel as it consolidates, obviously awaiting a breakout.
Are we witnessing a big comeback for Litecoin? Sunrise above $106.7 is near, requiring a 25% jump from here. Breaking through this ceiling will put the price on track for $140, the highest levels since the winter days.
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