Litecoin worth has crawled again prior to now few days because the crypto trade and inventory market rebounded. LTC was buying and selling at $61.74 on Tuesday, which was about 52% above the bottom stage this 12 months. Its market cap stands at greater than $4.4 billion.
Worry and greed index
Litecoin and different cryptocurrency costs bounced again lately as indicators of greed available 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 traders have embraced a risk-on sentiment.
Additional, the intently watched volatility index (VIX) has dropped to the bottom stage in months. It is a signal that volatility available in the market has eased barely.
In the meantime, the worry and greed index that’s tracked by CNN Cash has risen from the intense worry stage to the present level at 52. It is a signal that traders are getting a bit grasping.
Traditionally, shares and cryptocurrency costs are inclined to do nicely in a interval of greed available in the market. This additionally explains why the Nasdaq 100 index is near exiting its bear market.
On the identical time, LTC has jumped as traders predict that the sell-off that occurred 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.
Additional, on-chain information exhibits that exercise in litecoin’s community has continued rising prior to now few days. For instance, the variety of LTC addresses has jumped prior to now few weeks though they continue to be considerably under their highest level in 2021.
Litecoin worth prediction
The each day chart exhibits that the LTC worth has made a robust restoration prior to now few weeks. This restoration began when the coin dropped to a low of $40.59 this 12 months. 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 2 shifting averages have even made a bullish crossover.
Due to this fact, the coin will doubtless proceed rising as bulls goal the essential resistance level at $92.11, which was the bottom stage since April this 12 months. A transfer under the assist at $50 will invalidate the bullish view.