Litecoin (LTC) price has swung alongside the rest of the crypto market.
Notably, as altcoins continue to heave looking for direction, the latest meme coin scams mean there’s a possibility for further froth.
LTC, however, is already battling ranged trading as buyers and sellers swarm the market for every opportunity that comes with price movements.
What does this mean for Litecoin price in the short term? Analysts at market intelligence platform and advanced DeFi tools provider IntoTheBlock point to on-chain data.
LTC traders capitalizing on price swings
On February 18, 2024, the price of Litecoin changed hands at around $123, down 1.7% in the past 24 hours and -5% in the past week.
While CoinGecko data shows LTC gains in the past week stood at over 24% at the time of writing, the performance over the past month was a considerably uninspiring +5.8%. In the crypto world where volatility rules, this is largely stable.
So why is this the case for Litecoin?
According to IntoTheBlock, Litecoin has traded largely in the $90-$130 range over the past three months.
This is because price swings to either side have seen an aggressive response from traders.
Withdrawals and deposits have surged during these periods as investors eye “sell on spikes and buy on dips” opportunities.
“Data suggests Litecoin traders are capitalizing on price swings, ramping up withdrawals and deposits to sell on spikes and buy on dips. This pattern has helped keep $LTC trading in a range between 90 and 130 for about three months,” IntoTheBlock analysts shared in a post on X.
Litecoin’s price in the past 3 months
For instance, LTC/USD rose to above $144 in early December 2024, only for bears to strike and pull prices to lows of $87 by December 20.
In between, bulls had attempted a rebound from the psychological support level of $100, hitting resistance at $128.
Bloodbath in late January /early February saw Litecoin’s native token plummet to lows of $80 on February 3.
However, a daily close above $100 allowed buyers to attack key resistance levels to hit highs near $140 on February 16.
But sell-off pressure amid Bitcoin’s dip means bulls are looking to hold onto support near $120.
As IntoTheBlock analysts stated in the post on X, this is a pattern that has repeated over the past three months.
Litecoin chart by TradingView
In this period, developments around Litecoin spot exchange-traded funds (ETFs) and broader market conditions have catalysed upswings or downswings.
The SEC’s acknowledgment of LTC spot ETF applications from various issuers saw the altcoin’s price soar.
However, crypto and equities’ reactions to news and events have seen prices fall shapely.
That includes the DeepSeek AI news and recent Fed chair Jerome Powell’s comments.
Litecoin has pared gains alongside BTC and other top altcoins.
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