Long-Term Cryptocurrency Technical Analysis: LTC not ready to move above – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – –
Litecoin is often referred to as the silver to Bitcoin’s gold, and for good reason. Its transaction speed is four times faster, and it’s cheaper too. But the cryptocurrency’s price has stagnated, and it’s not likely to move up until Bitcoin futures markets are available. Blog Post: It’s been a relatively quiet year for Litecoin so far, with prices trading slightly above $100. But that doesn’t mean there aren’t opportunities for investors to profit.
Summary of the situation
- The price of Litecoin is expecting a rejection at the $300 level.
- The next support level is at $275.
- LTC meets resistance at $300.
The price of Litecoin broke through the $250.00 barrier and strong bullish momentum has seen the price reach the $280.00 barrier. Over the past seven days, the price of LTC has risen more than 24%, indicating strong bullish sentiment. Meanwhile, such a strong upward move has led to volatile price movements.
The broad crypto-currency market was bullish over the past 24 hours, with most major crypto-currencies posting gains throughout the time frame. The best performers were NBB and DOGE, which posted gains of 4.51% and 3.95% respectively. Meanwhile, Bitcoin and Ethereum posted gains of 3.9% and 10.33%, respectively.
Technical indicators for LTC/USDT
Technical indicators for LTC/USDT from Tradingview
As for the technical indicators, the MACD has recently shown an upward reversal and although the histogram is small, it has turned dark green. The indicator dipped into bearish territory yesterday, but has now returned to bullish territory as the Litecoin price hovers around the 4.60 mark. Speaking of EMAs, the 12 EMAs have surpassed the 26 EMAs, and the two EMAs are currently up.
The RSI is currently in neutral territory, just below the 64.00 mark and giving no signals. The indicator has been in the neutral zone for the past two weeks. The RSI made small upticks into overbought territory over the past few days; however, it has now jumped into oversold territory, indicating a waning bullish presence.
The Bollinger Bands are currently wide, but as the latest candles are red, the bands will tighten in the near future. If the bears take over the market dynamics, it will lead to less volatility in the Litecoin price in the short term. However, if price consolidates closer to the upper boundary than to the middle line of the band, the bands will tilt upward in the following candles.
Overall, the technical analysis on the 4-hour chart gives a buy signal, with 15 of the 26 major technical indicators pointing to bullish support. On the other hand, only two indicators are giving sell signals, indicating a bearish pullback. Meanwhile, nine indicators continue to lag, supporting neither side of the market.
The 24-hour technical analysis is consistent with this sentiment and also gives a buy signal: 15 of the 26 indicators are bullish, and only one indicator points to a bearish pullback. Meanwhile, ten indicators remain neutral and give no signal at the time of writing.
What can we expect from the Litecoin price?
4-hour price chart from Tradingview
Traders should expect the price of Litecoin to continue to rise, given the recent bullish crossover in short-term technical indicators. Litecoin’s price is expected to peak at $300 before pulling back due to bearish pressure. LTC is facing strong resistance at $300, which cannot be broken with the low momentum and trading volume we are currently seeing online. Therefore, traders should expect the LTC to return to the $270 level.
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This source has been very much helpful in doing our research. Read more about litecoin news and let us know what you think.
Frequently Asked Questions
What will litecoin be worth in 2020?
Litecoin is a cryptocurrency like bitcoin. The main difference is that litecoin transactions are faster than bitcoin transactions. Another difference is that bitcoin only allows 8 decimal places while litecoin allows up to 18 decimal places. The creator of litecoin is Charlie Lee. Charlie Lee is also the creator of the BTC exchange Coinbase. Charlie Lee has worked for Google and now he works for Coinbase. (The bitcoin community considers Coinbase to be a BTC/USD exchange, but the litecoin community considers Coinbase to be a litecoin/USD exchange.) One of the most common questions being asked in the cryptocurrency community is whether or not future investments in litecoin will be worth it. It is very difficult to predict the future price of a cryptocurrency, but here are some of the most likely scenarios for the litecoin price in the future. (If you’re a true cryptocurrency nerd, you might want to know why in the world I’d include a disclaimer saying “this is just a hypothetical scenario and should not be used for predicting future price movements,” but then again, you probably know that already.)
Will Ltc go up?
The rise of litecoin began in late 2013, when its value rose by 100% within weeks. The cryptocurrency market was booming and litecoin, then trading for around $0.30, was making a name for itself. Then, in early 2017, litecoin experienced a tumultuous period, dropping from a $4.30 high to a low of $1.90. But soon after, the currency began to regain its stability. So why isn’t litecoin going up? In the past few weeks, Litecoin has been going down dramatically. The main reason, some say, is the upcoming halving of the cryptocurrency mining reward, which occurs in around a month’s time. But there are also other problems. Miners are selling their Litecoin, and it’s not being bought. Traders say that the decline is due to a lack of confidence in the Litecoin network, which has been experiencing serious issues with transaction times, which have reached over 2 hours at times.
Is litecoin bullish?
Litecoin has been called the Bitcoin “silver” but the crypto-coin has been flat in recent months. This is making investors wonder whether it’s time to buy or sell. There are several reasons for this lack of action. One of the main reasons is that there is too much litecoin for sale at the moment. This is in part because there are more than 76 million coins outstanding. Will this be a buying opportunity? Litecoin is the silver to bitcoin’s gold. It is the leading alternative to bitcoin and has the sixth highest market cap of any cryptocurrency. While it has been a leader in the digital currency world, it hasn’t always been easy to predict the trends of litecoin prices. (content from actual article) In the beginning of 2013, the price of litecoin was on a steady downtrend, and it was suspected that this trend would continue. It was discovered, however, that the difficulty of mining litecoin was going to rise, which would make it harder and less profitable to mine. As a result of that discovery, the price of litecoin soared. The price rose as high as
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