Litecoin (LTC) price has showcased an interesting bearish trend after a positive early start to the week. For Litecoin, bears are derailing its growth, suffering a rejection as it attempted to break the resistance level at $130. From the current outlook, Litecoin is the only coin in the top 20 with a negative price action.
Litecoin Price Trend: The Reversal
At the time of writing, LTC price was changing hands for $128.70, down 4.60% in 24 hours. Amid its erratic price action, the coin traded from a low of $126.31 to a high of $136.59. From this daily high figure, LTC has maintained a steady slump before maintaining balance at the current level.
It is not unusual for Litecoin to face roadblocks at the $130 level. In the past 7 days, the coin has only managed to breach this level twice, and each time, it is often accompanied by a sharp drop within 24 hours. The sentiment around Litecoin is high, a trend that suggests the latest drop is a momentary cool-off.
The Bitcoin fork has permanently maintained a positive outlook in the past year. LTC price is up 5.91% in the past 30 days and has maintained a 43.43% surge over the past 3 months. The Year-to-Date (YTD) gain comes in at 22.43%. In an earlier LTC price analysis, the coin jumped over 70% as the broader market suffered intense liquidation.
Litecoin Technicals Shows Rebound is Imminent
The solo Litecoin price reversal creates a new opportunity for the coin. With trading volume dropping by 28.74%, the odds appeared stacked against LTC. However, that ironically sets the coin up for a massive rebound.
LTC/USDT Price Chart. Source: TradingView
The LTC/USDT 4h chart flashes a Relative Strength Index (RSI) of 56, above the neutral range. The coin’s price also trades above the 50-day Moving Average, indicating it is still better off at its current level.
Litecoin’s profitability remains high at over 74%, with approximately 56.75 million LTC in profit. This implies that there is no urgent reason to sell off, proving that the current drawdown came from short-term traders selling.
The Litecoin ETF Advantage
Amid the ongoing selloff, the LTC investors remain optimistic that the coin’s price will sustain its current growth outlook. The potential approval of a spot Litecoin ETF product by the US SEC has fueled its over 5% rally over the past month.
According to earlier reports, Bloomberg ETF Senior Analysts Eric Balchunas and James Seyffart issued 90% approval odds for LTC ETF, which is higher than any of its rivals. This projection, backed by Polymarket forecasts, has helped validate the Litecoin price rally and future outlook.
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