Breaking News
Investing Pro 0
Final hours: unlock premium data with Claim 60% OFF

LTC’s Bullish Momentum Falters as Overbought Signals Emerge

Published May 11, 2023 04:39AM ET Updated May 11, 2023 05:00AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
© Reuters LTC’s Bullish Momentum Falters as Overbought Signals Emerge
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio

  • Litecoin price rises on bullish momentum and increased trading volume.
  • BRC-20 tokens flooding into LTC-20 may increase Litecoin network activity.
  • Overbought stochastic RSI and negative BBP suggest LTC market correction.

Litecoin (LTC) began the day with a 24-hour low of $78.18, but bulls rapidly took control, driving the price to $81.97 before hitting resistance. The price is currently $80.56, representing a 1.34% gain in positive momentum.

Traders’ anticipation of a bull rally has resulted in a 1.35% increase in market capitalization and a stunning 31.60% increase in 24-hour trading volume to $5,872,692,063 and $594,060,510, respectively.

This increase could be attributed to the excitement surrounding the entry of BRC-20 tokens into Litecoin’s LTC-20, with over 840 tokens generated to date. This rise in token creation may result in more activity on the Litecoin network, increasing daily transactions and active addresses.

LTC/USD 24-hour price chart (source: CoinMarketCap)

The LTC market’s Balance of Power (BOP) value is currently -0.06 and is rising, signaling a possible shift toward bullish momentum. As the BOP approaches zero and enters positive territory, it indicates that purchasing pressure is building, which could lead to a price gain for Litecoin.

A Chaikin Money Flow indicator of 0.09 and moving upwards indicates that purchasing pressure in the LTC market is intensifying.

A positive CMF value suggests that there is more purchasing pressure than selling pressure, which could lead to an increase in the price of Litecoin and hence supports the continuation of the bull trend.

LTC/USD chart (source: TradingView)

With the stochastic RSI now in the overbought range and below its signal line at 86.30, the positive momentum in the LTC market may be winding down.

This overbought rating indicates that the recent price surge in Litecoin was too quick and unsustainable, and a correction is likely.

The Bull Bear Power (BBP) indicator adds to the impression that the LTC market’s bullish momentum is fading. The current BBP rating of -0.020625 suggests that bears are gaining some market power, and the price of Litecoin may be due for a correction or consolidation period.

LTC/USD chart (source: TradingView)

In conclusion, while the LTC market has seen significant gains, indicators suggest a potential correction on the horizon. Traders should keep a watchful eye on market developments to navigate potential volatility.

Disclaimer: The views, opinions, and information shared in this price prediction are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be liable for direct or indirect damage or loss.

The post LTC’s Bullish Momentum Falters as Overbought Signals Emerge appeared first on Coin Edition.

See original on CoinEdition

LTC’s Bullish Momentum Falters as Overbought Signals Emerge

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.
  • Any comment you publish, together with your profile, will be public on and may be indexed and available through third party search engines, such as Google.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at’s discretion.

Write your thoughts here
Are you sure you want to delete this chart?
Post also to:
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Are you sure you want to delete this chart?
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
Sign up with Email