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- Litecoin Price is currently in an accumulation zone with an overall gain of 0.61% in the intraday session.
- LTC indicators showcase a consolidated move with a hint of bearish momentum. Meanwhile, LTC/BTC pair is seeing a loss of 1.23%.
Litecoin price is currently at $203.88 with an intraday gain of 0.52%. On the upward side, LTC price will face major resistance at $230, and on the downside, it can see a bounce back from $190. LTC is trading above 50 and 100 MA. LTC price has seen support from the 50MA in the past and can test it again in the upcoming days. There is a corrective wave formation in the LTC price. If the price follows the wave, then it could retrace back up to $160
The LTC/BTC pair is currently stagnated with an intraday loss of 0.77% and currently showing some strength for recovery.
Litecoin is currently ranked at 9 in the crypto-verse with a market capitalization of $17,102,097,588. The 24-hour trading volume of LTC ($2,566,141,297) went down by 27.79%
Technical Indicators Hints A Consolidated Move For LTC Price
Litecoin’s weekly chart shows negative momentum on the weekly chart. While coming on to the shorter time frame of 4hrs, it has formed an accumulation zone. Litecoin price might reach $250 if it crosses above the zone. If LTC breaks down below the channel, one should wait for the price to do its work. It has formed a bullish engulfing candlestick pattern in the previous trading session, showcasing investors’ belief in LTC.
The volume indicator on the 4hr chart is at 5.5K, indicating a buy signal with lower strength. It can see a rise in buying volume if it breaks above the channel.
RSI(Neutral): It is currently trailing at the value of 49.9, showcasing its presence in the neutral zone. There is no slope formed in the RSI, highlighting that LTC price will trail inside the consolidation zone before reaching the new high. The overall sentiment of RSI is neutral.
CONCLUSION
Litecoin has great potential with a great team. LTC has given a great return to the investors and can do the same in the future. LTC is in a consolidated move for a short while and can reverse its position soon. Investors should do their due diligence before investing.
Technical Levels
Major Support:$190
Major Resistance:$230
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.
