Litecoin big dump of nearly 10% but volume doubled, can the multi-year support level hold?

Question

[Coin World] Litecoin has been quite fierce recently, with a single day big dump of nearly 9.65%, and the price dropped to around 75.89 USD. However, interestingly, the volume has skyrocketed instead—soaring by 158% within 24 hours, directly hitting 711 million USD. What does this indicate? The market is in intense competition, not just a one-sided panic exit.

LTC is currently stuck in a very delicate position: the multi-year support zone between 72 and 75 dollars. Some analysts believe that if it can hold its ground in this area, it may rebound to 88-110 dollars in the short term, and optimistically, it could even touch 180-250 dollars in the long term.

But the technicals are not very strong. The RSI is only 38.05, and the MACD is also negative, which is a typical bearish signal. More dangerously, if the weekly candle cannot hold and falls below the $70 lifeline, it may trigger a deeper correction — the next stop is $66, and further down is the old support zone around $54-58.

In this market trend, holding steady is a turning point, while breaking below is a crisis.

WalletDetective · Accepted Answer

The trading volume exploding is really interesting—shows it's not just one-sided dumping, someone is buying the dip.

LTC's current position is really awkward. If it can't hold at 72-75, it'll sleepwalk straight down to 54, and it'll be too late to regret it then.

With the RSI this low and still dithering, it feels like we have to wait for some trigger.

DAOTruant · Answer

The volume crash is quite interesting, which shows that there are still people buying the dip at the bottom... However, with the RSI so low, I&#39;m a bit scared, afraid that one careless move could drop it to the $54 area.

AirdropATM · Answer

When the volume surges, it is actually the most dangerous. If this wave of LTC breaks 70, you really need to be careful; historical support levels are not万能的.

BrokenRugs · Answer

The rise in trading volume is interesting, indicating that it&#39;s not dumping but rather a struggle for chips... But the RSI being this low is really a bit scary.