• Litecoin’s downward momentum is weakening, with signs of potential consolidation before future price movement.
• The price chart shows key support at $63.13 and resistance at $147.17, with a bearish short-term trend.
• Despite recent drops, 82% of the community is bullish, showing a high level of investor confidence in LTC’s future.

Litecoin (LTC) is experiencing a minor drop in value, driven by waning investor interest in the broader cryptocurrency market. Its price has decreased by 2.87% over the last 24 hours and 22.29% over the last week.

At the time of writing, LTC is trading at $92.50, supported by a market capitalization of $7.06 billion. Moreover, its trading volume has also dropped 17.74% to $823.84 million, signaling a more cautious approach from both traders and investors.

Source: CoinMarketCap

Also Read: Litecoin Price Eyes Breakout Toward $112 After Dragonfly Doji Signal

Litecoin Eyes Consolidation Before a Move to $147

This chart shows Litecoin (LTC) against the U.S. Dollar (USD) on a weekly timeframe, with key support at $63.13 and resistance at $147.17. The price has been in a downward movement recently, testing support levels. The overall trend suggests bearish sentiment in the market, with the price below the major resistance zone.

Source: TradingView

The RSI stands at 43.95, which shows a neutral and slightly oversold state and implies that there isn’t severe pressure from either direction. The MACD is -1.86, which indicates bull momentum, and the histogram at 2.59 indicates that the downward momentum can be decreasing. The general market bias belongs to sellers, but no sharp reversal can be observed at the moment.

Litecoin Sentiment Turns Positive With 82% Bullish Votes

According to the data from CoinMarketCap, the community sentiment indicates that 82% are bullish, meaning they have high confidence in the market or condition. The voters are only at 18% being bearish, which implies the majority are positive about the future. The community shows a very positive attitude.

Source: CoinMarketCap

Overall, the sentiment is very much positive, with the positive reaction overwhelming the votes in the bull form. Though a minute fraction of respondents are guarded, the great majority are optimistic in their outlook. It suggests general faith and confidence in the existing and future events.

Also Read: Litecoin (LTC) Price Explodes 9.7%: Analysts Eye Powerful Breakout Toward $225!