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- Litecoin Price is currently traveling in a parallel channel with an overall loss of 2.16% in intraday session.
- LTC indicators showcase an upcoming bullish momentum with high strength and ready for the climb upto $220
Litecoin price is currently at the value of $189.16 with an intraday loss of 2.62%. LTC price on going upwards will face major resistance at the value of $240, and on the downside, it can see a bounce back from $180. It has given a golden crossover in late September of 2020. After the crossover, Litecoin went on the bull run while filling investors’ pockets with a return of 480%. The LTC/BTC pair is currently stagnated with an intraday loss of 3.37% and currently showing some strength for recovery.
Litecoin is currently ranked at 6 in the cryptoverse with a market capitalization of $15,796,382,446.The 24-hour trading volume went down by 5.89%
The Battle Of Transaction Fee
Litecoin transaction fee has remained less than $1 since its inception. LTC contemporaries like bitcoin and ethereum fees have climbed to mountain. If we compare Bitcoin and Litecoin Transaction fees we find that BTC fees are up by 70,000% than Litecoin. This huge gap can be explained by the market dominance of BTC.
Looking at the Price of BTC and LTC there is a difference of 25000% which is 3 times less than the transaction fee. If we only take the transaction fee as a comparison point then LTC has the potential to reach $2000. It is 10 times the present value with a future perspective growth.
LTC Price Seeing Grasp Of Bears
Litecoin weekly chart shows positive momentum. While coming on to the shorter time frame of 4hrs, it has formed a parallel channel formation. Litecoin price might reach to $250 if it crossover the parallel channel. If LTC breaks down below the parallel channel then one should wait for the price action to do its work. It has formed a bearish pattern in the previous trading session showcasing a negative momentum.
The volume indicator on the 4hr chart is at 7.89K, indicating a sell signal with lower strength. It can see a rise in buying if it breaks above the channel.
RSI(Bearish): It is currently trailing at the value of 52.28, showcasing its presence in the overbought zone. There is significant negative slope formed in the RSI, highlighting that LSK price will trail to the negative level before reaching the new high. The overall sentiment of RSI is bearish.
LTC Price May Rise Upto 10 Times Of Current Value
Litecoin has great potential with a great team. LTC has given great to the investors and can do the same in the future. LTC is short term downtrend and can reverse its position soon.Investors should do their due diligence before investing.
Technical Levels
Major Support:$180
Major Resistance:$240
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
