Litecoin price has crawled again in the previous few days as the crypto trade and inventory market rebounded. LTC was buying and selling at $61.74 on Tuesday, which was about 52% above the lowest degree this yr. Its market cap stands at greater than $4.4 billion.
Fear and greed index
Litecoin and different cryptocurrency costs bounced again just lately as indicators of greed in the market began to emerge. For instance, the US greenback index has slipped from the year-to-date excessive of $109.3 to about $103. The falling USD is an indication that buyers have embraced a risk-on sentiment.
Further, the carefully watched volatility index (VIX) has dropped to the lowest degree in months. This is an indication that volatility in the market has eased barely.
Meanwhile, the fear and greed index that’s tracked by CNN Money has risen from the excessive fear degree to the present level at 52. This is an indication that buyers are getting a bit grasping.
Historically, shares and cryptocurrency costs are likely to do nicely in a interval of greed in the market. This additionally explains why the Nasdaq 100 index is near exiting its bear market.
At the similar time, LTC has jumped as buyers predict that the sell-off that passed off earlier this month has light. For one, the contagion that most individuals have been anticipating following the crash of Celsius, Voyager Digital, and Three Arrows Capital has not occurred.
Further, on-chain knowledge exhibits that exercise in litecoin’s community has continued rising in the previous few days. For instance, the variety of LTC addresses has jumped in the previous few weeks though they continue to be considerably beneath their highest level in 2021.
Litecoin price prediction
The day by day chart exhibits that the LTC price has made a robust restoration in the previous few weeks. This restoration began when the coin dropped to a low of $40.59 this yr. It has now managed to maneuver barely above the 25-day and 50-day shifting averages whereas the MACD has moved above the impartial level. The two shifting averages have even made a bullish crossover.
Therefore, the coin will doubtless proceed rising as bulls goal the vital resistance level at $92.11, which was the lowest degree since April this yr. A transfer beneath the help at $50 will invalidate the bullish view.
