In today’s analysis, we will examine Litecoin’s (LTC) recent price action and its on-chain activity to understand the underlying trends and potential future mid-term movements.Bitcoin’s struggles to break the $61K price level have put pressure on LTC, leading it to trade below the critical $80 support level. What’s driving this behavior? Let’s examine the details.In the chart below, we observe Litecoin’s price action in the 4-hour timeframe. The red lines highlight key support and resistance levels. Currently, the price is around $79. A decline below the $75 range could trigger a cascade of liquidations, leading to further price depreciation.The $80.37 level, near the $80 mark, aligns with the 0.618 Fibonacci retracement level and is crucial mid-term support. Litecoin’s price recently attempted to break below the 4-hour Ichimoku Cloud. If the price closes below the cloud, this could trigger increased volatility and lead to a continued mid-term price correction to $75. Read More: Litecoin (LTC) Price Prediction 2024/2025/2030If the price refuses to break above the cloud, it could signal a potential trend reversal.The provided charts show spent outputs segmented by age bands. The green bars represent LTC held for 1 hour to 24 hours before being spent, blue bars indicate LTC held for 1 day to 1 week before being spent, light green bars show LTC held for 1 week to 1 month before being spent, and red bars reflect LTC held for 1 month to 3 months before being spent. The black line represents the LTC price in USD.The most volume is spent within 1 hour to 24 hours (on average, 800K LTC is spent per day), indicating a lot of short-term trading activities. This rapid trading activity can make the price more volatile. Read More: How To Buy Litecoin (LTC) and Everything You Need To KnowOn May 10, there was a significant sell-off by mid-term holders, those holding LTC for 1 to 3 months. This might indicate a change in sentiment or profit-taking behavior. Such spikes can lead to mid-term price drops.DisclaimerIn line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
