Litecoin (LTC) Price Forecast and Current Market Analysis

Litecoin (LTC), one of the oldest and most recognizable cryptocurrencies, has faced challenges in the market in recent weeks. On Monday, Litecoin's price briefly approached the $70 mark but failed to surpass it. Despite the overall growth in the altcoin market, LTC has found itself among the underperformers. Analysis of on-chain metrics suggests that Litecoin whales (large investors) have become less active, indicating their potential interest in other altcoins.

Since the beginning of August, Litecoin's price has been in a downtrend, and even the new yearly low of $58 reached on September 12 couldn't break this trend. Litecoin whales began showing activity when the price reached this level, but since then, their trading activity has decreased. This may signify that significant investors have shifted their focus to other cryptocurrencies in search of more promising opportunities.

The Exchange Order Books chart reflects the distribution of current active orders for buying and selling Litecoin on cryptocurrency exchanges. It is evident that traders have placed orders to sell 1.6 million LTC and buy 1.5 million LTC, indicating a prevailing bearish sentiment among retail market participants.

If this trend persists, it's unlikely that Litecoin will break above $70. Forecasts predict a potential price drop below $60 in the coming weeks. However, there are chances of a recovery if bulls manage to overcome the hurdle of 105,000 wallets that purchased 8.05 million Litecoin at a minimum price of $68 and push the asset towards the $75 mark.

In summary, Litecoin finds itself in a challenging position in the cryptocurrency market, and its future remains uncertain. Investors and traders are closely monitoring price dynamics, and events in the coming weeks may shape the long-term prospects of this cryptocurrency.