Summary
TLDR: Litecoin’s price is currently in a bearish pattern, with investors showing no support. This lack of incentive may lead to a potential selling trend, causing a decline in the price. The Mean Coin Age and Network Realized Profit/Loss metrics also indicate a possible correction. The price could see a 30.77% correction to $69, but may find support at $93 and bounce back to $100. Always conduct your own research before making financial decisions.
Key Points
1. Litecoin’s price is stuck in a bearish pattern that could halt its ongoing rally and push the altcoin downward. To make this worse, LTC is currently witnessing no support from its investors, which could extend the losses.
2. The lack of incentive among investors is leading to potential selling, as indicated by the Network Realized Profit/Loss metric showing the largest single-day losses since June 2023. This could result in a decline in Litecoin’s price.
3. Litecoin’s price is currently moving within a rising wedge pattern, indicating a weakening bullish trend and potential impending price reversal. The target predicted by the pattern suggests a 30.77% correction over the coming days, bringing the price down to $69.