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Litecoin worth has crawled again up to now few days because the crypto business and inventory market rebounded. LTC was buying and selling at $61.74 on Tuesday, which was about 52% above the bottom degree this yr. Its market cap stands at greater than $4.4 billion.
Concern and greed index
Litecoin and different cryptocurrency costs bounced again just lately as indicators of greed out there 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 traders have embraced a risk-on sentiment.
Additional, the intently watched volatility index (VIX) has dropped to the bottom degree in months. This can be a signal that volatility out there has eased barely.
In the meantime, the worry and greed index that’s tracked by CNN Cash has risen from the acute worry degree to the present level at 52. This can be a signal that traders are getting a bit grasping.
Traditionally, shares and cryptocurrency costs are inclined to do effectively in a interval of greed out there. This additionally explains why the Nasdaq 100 index is near exiting its bear market.
On the similar time, LTC has jumped as traders predict that the sell-off that happened earlier this month has pale. For one, the contagion that most individuals have been anticipating following the crash of Celsius, Voyager Digital, and Three Arrows Capital has not occurred.
Additional, on-chain information exhibits that exercise in litecoin’s community has continued rising up to now few days. For instance, the variety of LTC addresses has jumped up to now few weeks though they continue to be considerably beneath their highest level in 2021.
Litecoin worth prediction
The each day chart exhibits that the LTC worth has made a robust restoration up to now 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 transferring averages whereas the MACD has moved above the impartial level. The 2 transferring averages have even made a bullish crossover.
Due to this fact, the coin will probably proceed rising as bulls goal the vital resistance level at $92.11, which was the bottom degree since April this yr. A transfer beneath the assist at $50 will invalidate the bullish view.
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