CoinDesk reports:
Litecoin’s price has risen by 3% in the past 24 hours, with market sentiment surrounding the coin remaining bullish.
Litecoin (LTC), like most other cryptocurrencies, had a tough month last month, shedding significant value. Indeed, considering the latest data, LTC may be in an 8-year cycle, which initially appears concerning.
However, there’s more to the story.
What’s happening with Litecoin?
According to data from CoinMarketCap, Litecoin has seen a decline of over 22% in price in just the last 30 days. The downward trend persisted through the past week, where it dropped by 13%.
Despite these concerns, the latest analysis from popular cryptocurrency analyst Master paints a different picture. According to tweets, Litecoin is currently in an 8-year cycle.
If true, investors could witness LTC peak in October 2025. Historically, LTC has peaked in each 4-year cycle, specifically in 2014, 2018, and 2022.
If history repeats, LTC could peak anywhere from $65,000 to over $100,000 during the next peak period.
This is foreseeable in the short term.
With the peak potentially early for 2025, AMBCrypto plans to examine the coin’s current status and near-term expectations.
Good news also arrives as LTC, like several other cryptocurrencies, has gained momentum over the past 24 hours, surging by over 3% in price.
At the time of writing, LTC is trading at $64.73, with a market cap exceeding $4.8 billion, ranking it as the 21st largest cryptocurrency.
With Bitcoin’s NVT ratio declining last week, conditions may improve soon. The drop in this metric suggests undervaluation and hints at a price surge.
With rising sentiment, investor confidence in the coin also appears to be improving. This clearly indicates bullish sentiment predominates in the market for the coin.
Nevertheless, not all indicators are optimistic. For instance, the MVRV ratio has shown a decline, with its pace dropping over the past few days, indicating lower usage in LTC transactions within specific timeframes.
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Our analysis of Coinglass data shows a decrease in the long/short ratio, indicating more short positions than long ones in the market.
The coin’s MACD shows a bearish crossover in the market. However, with the Chaikin Money Flow (CMF) showing an uptick, suggesting sustained price increases, nothing is certain.