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Litecoin price dips below $100: A look at investor sentiment
The cryptocurrency market has been experiencing a tumultuous ride lately, with many assets plummeting in value. One such asset is Litecoin (LTC), which has recently dipped below the crucial support level of $100. As the dust settles on this development, it’s essential to examine the sentiment surrounding LTC.
Despite the recent downturn, long-term holders remain optimistic about the future prospects of Litecoin. According to IntoTheBlock, a whopping 78% of Litecoin addresses have held their assets for over a year, anticipating further price growth. This is a significant indicator that investors are not panicking and are instead choosing to hold on to their LTC in anticipation of a rebound.
In contrast, retail traders seem to be taking a more bearish stance. Coinglass data shows that shorts are dominating the market, indicating that most traders expect prices to drop further. Additionally, large holders have reduced their capital inflow into LTC, resulting in a decline in netflow from 384.52k to 21.89k.
Moreover, sellers have taken control of the market for the last 12 days, with the Relative Strength Index (RSI) plummeting from 71 to 40, indicating oversold territory. This could be an indication that LTC is due for a bounce-back or at least a correction.
While short-term sentiment is overwhelmingly negative, it’s crucial to recognize that long-term investors are not losing faith in Litecoin. As the market continues to evolve, we can expect more volatility and uncertainty. It will be fascinating to monitor how this plays out.
It remains to be seen whether the bulls or bears will ultimately prevail.
Source: ambcrypto.com
