- It was stated that Litecoin is one of the assets that has gained the most in the last 24 hours. According to the data, the coin gained more than 1% in the last 24 hours and is trading at a value of approximately $66.25.
- When sentiment started to deteriorate on August 15th, the altcoin’s Awesome Oscillator (AO) indicator began showing downward red histogram bars.
- LTC’s AO is negative, currently at a value of -18.89, indicating that bears are dominating the current market. Additionally, the coin’s On-Balance Volume (OBV) indicator has declined in the past week.
Litecoin is one of the rare cryptocurrencies that remained in positive territory in the last 24 hours: Will LTC sustain this resilient price movement? Can it face selling pressure?
Litecoin Showed an Increase in the Last 24 Hours
In a post by on-chain data provider Santiment, it was stated that Litecoin is one of the assets that has gained the most in the last 24 hours, as the market recovers after last week’s liquidity outflow. According to the data, the coin gained more than 1% in the last 24 hours and is trading at a value of approximately $66.25.
Santiment suggested that the overall market decline could continue in the new week, as most assets still have owners selling at a loss based on the market cap/realized value ratio.
Despite the slight increase in the last 24 hours, LTC’s daily chart indicates that the coin could lose these gains in the coming days.
Litecoin Symbolizes Recovery
A broader look at LTC’s price shows that it has dropped by 20% in the last week. When sentiment started to deteriorate on August 15th, the altcoin’s Awesome Oscillator (AO) indicator began showing downward red histogram bars.
AO is a momentum indicator that tracks potential reversals in the market. Bullish crossover occurs when AO rises above the zero line, indicating positive momentum. Conversely, bearish crossover occurs when AO falls below the zero line, indicating negative momentum.
LTC’s AO is negative, currently at a value of -18.89, indicating that bears are dominating the current market. Additionally, the coin’s On-Balance Volume (OBV) indicator has declined in the past week. The start of LTC’s OBV decline coincided with the onset of negative AO, confirming the above position.
When a asset’s OBV decreases, it indicates that there is more selling pressure than buying pressure in the market, which usually leads to a decrease in the asset’s value. In addition, momentum indicators showed a downward trend at the time of writing and have remained in the same position since the beginning of the month. LTC’s Relative Strength Index (RSI) value was 25.48, and the Money Flow Index (MFI) value was 23.70.
At these values, both indicators suggest that if sentiments do not change, LTC could soon face an oversold condition. This could put further pressure on its price.
