•LTC holders have seen a surge in profit, with 52.89% currently in the money.
•The altcoin’s price has been trading within a tight range for the past week, indicating low investor enthusiasm.
•Momentum indicators currently reveal high buying momentum but an almost non-existent uptrend.
High Profit for LTC Holders
Following a 33% price rally year-to-date, data from IntoTheBlock indicated that over 50% of Litecoin [LTC] investors were holding their cryptocurrency at a profit. This is an increase compared to the bear market low of 85% losses experienced in 2022.
At press time, Litecoin was exchanging hands at $97.07 per data from CoinMarketCap, with increased activity in the last 24 hours causing its value to rise by 3%. However, key momentum indicators revealed little enthusiasm amongst market players – while its Relative Strength Index (RSI) and Money Flow Index (MFI) remained above their neutral lines, its Aroon Up line (orange) showed that the uptrend was almost non-existent at 7.14%, indicating weak buying pressure and potential for a price reversal downwards.
Historical Bear Markets
IntoTheBlock noted that bear markets have often seen Litecoin revisit its lows multiple times before any significant recovery could be observed – this has been the case during 2015, 2018-2020 respectively when LTC hit similar lows as those recorded this year.
Low Trading Volume
Trading within a tight range can occur during periods of low trading volume when there is limited activity in the market – this has been witnessed over the past week as LTC oscillates between $95-$97 without major changes or breakouts occurring on either side of these levels.
Price Prediction 2023/24
With increased profit for holders and low investor enthusiasm observed presently, it remains to be seen what kind of recovery will take place over the next few months before any reliable prediction can be made about Litecoin’s future performance in 2023/24.