Litecoin (LTC) price is experiencing a slight recovery, currently trading above the $68 mark on Tuesday morning. After touching the support zone around the bottom of the descending wedge pattern, LTC seems to have found a solid resistance. On-chain signals combined with improving derivatives data indicate that this coin has prospects for a rebound if buyers continue to successfully defend the key support area.
On-chain and derivatives data for Litecoin show recovery potential
The aggregated chart from CryptoQuant presents a positive outlook for Litecoin, as both the Spot and Futures markets show large orders from whales, with clear buying pressure dominating. Meanwhile, the Futures market is showing signs of cooling down, creating a favorable foundation for a potential recovery.
Source: CryptoQuant OI-Weighted Funding Rate data from CoinGlass also supports this outlook: the number of traders betting on further price declines remains lower than those expecting increases. This index turned positive on Sunday and is currently at 0.0063%, indicating that Long positions are paying fees to Shorts. Based on market experience, when the funding rate shifts from negative to positive, Litecoin often shows clear signs of recovery.
Source: CoinGlass## Litecoin Price Forecast: LTC could recover if key support holds
On January 14, Litecoin (LTC) was rejected at the 50-day EMA at $77.39 and then declined nearly 18% over the next 10 days, retesting the April 9 low of $66.51 last week. In the past four days, LTC has been moving sideways around the lower boundary of the descending wedge pattern, connecting multiple highs and lows since mid-October. As of Monday, LTC is trading around $68.14.
Daily LTC/USDT chart | Source: TradingView If the lower trendline is maintained as support, LTC could continue its recovery toward the weekly resistance at $77.19, close to the 50-day EMA at $77.39. The daily RSI is at 34 and trending upward after reaching oversold territory, indicating selling pressure is weakening and early signs of recovery are emerging. However, for a solid rebound, the RSI needs to break above the neutral level of 50. Meanwhile, the MACD is converging with shrinking red histograms below zero, further strengthening LTC’s potential to bounce back.
Conversely, if LTC faces selling pressure, the next weekly support zone is expected around $56.
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