Litecoin Bear Flag Could Cause 41% Crash To This Level, Analyst Explains

An analyst has explained that a bear flag is potentially forming for Litecoin, which, if confirmed, might cause a decline for LTC to this level. Litecoin Could Be In Danger Of Deep Decline Due To This Bear Flag In a post on X, analyst Ali has pointed out a possible bear flag taking form for Litecoin.

Timeline of Litecoin

Yesterday, Tuur Demeester, a prominent crypto analyst and researcher at Adamant Research, offered insights into Litecoin's (LTC) performance in 2023, a year that saw the cryptocurrency market surge significantly, led by Bitcoin, which is up over 160% so far this year. Despite the overall market growth, Litecoin has shown relatively modest gains.

Using cryptocurrencies constitutes a relevant part of their demand and price formation. This use can be measured through different metrics, the network activity or daily addresses activity (DAA) being two.

The number of daily transactions on the Litecoin network reached an all-time high of 1.09 million on November 14, surpassing even Bitcoin's transaction count of around 523,284 at the same time.

In the dynamic crypto market, Litecoin (LTC) and Monero (XMR) demonstrate resilience and growth potential in relation to their resistance levels, with Litecoin (LTC) expanding into mainstream adoption and Monero (XMR) strengthening its position as a privacy-focused currency.

Litecoin (LTC) is immersed in a significant wave of sales, marked by a pronounced decline in the number of holders. In the last 10 days, approximately 2.13% of all Litecoin wallets liquidated their entire assets, representing the most substantial drop since October 2022.

In a striking rebound from its August lows, Litecoin (LTC) is now poised to reclaim its pre-halving price range. This optimistic market sentiment is driven by a blend of factors, including significant institutional interest and robust support from its mining community.

With its latest break above the $74 barrier, Litecoin (LTC) is showing encouraging signs of a breakout into the bull market. Increased transaction activity from miners and major investors in cryptocurrency is fueling expectations of an upward trend and suggests that a huge price spike is imminent.

Following 3 tokens, each have distinct qualities and growth possibilities, making them noteworthy options for investors seeking high returns: 1. Litecoin Shines with Transparency and Security Litecoin has recently earned attention for its transparency and commitment to user security.

Litecoin price has held the $70 territory for the last 3 consecutive days, for the first time since August. On-chain analysis pinpoints the critical drives behind the ongoing Litecoin price rally.

Litecoin (LTC) shows signs of a potential bullish rebound in the coming days. Recent crypto market data indicates that Litecoin's price has increased by nearly 14 percent since October 18, and it is now trading at around $67 as of Friday.