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- Litecoin Price has formed an indecisive pattern in the daily chart. Meanwhile, 200 EMA is acting as a temporary resistance for the price
- LTC technical indicators are indicating a small correction on either side. Meanwhile, the LTC/BTC pair is seeing a consolidated momentum%
Why Will LTC Token Be The Most Profitable Investment For The Future?
Litecoin was formed by Charlie Lee in 2011 as a hard fork of Bitcoin. It is also called “ Digital Silver” due to its similar properties to BTC. It uses Scrypt as its Proof Of Work Algorithm. Litecoin has more than 38 projects in Github,which speaks for itself in the development phase. In October 2019, Litecoin Improvement Protocol (LIP) 2 and LIP 3 were published,which outlined the Extension Blocks(EB) and MimbleWimble. EB can be used to increase the block size without having a need for a hard fork for the whole blockchain. Since then LTC token price has soared 10X, giving investors a huge return.
LTC token price has dropped 70% since MAY 10, 2021. This downtrend has given a discount on the LTC buying price. One can expect a gain of 5X in the price in 5 to 6 months.
Technical Indicators Is In A Mayhem About The LTC Token Price Momentum
Litecoin price has formed small bullish candles on the weekly chart. On the daily chart LTC token price is seeing a consolidated momentum. The price is currently below the 50 and 200 Exponential Moving Average. The 200 EMA is acting as a temporary resistance for the asset price. If the price breaks above the 50 and 200 EMA, then one can expect a strong uptrend in the price. If LTC breaks down below the $150 then one should wait for the price action. LTC/BTC pair is also in a slump but can soon see a major breakout in the near future.
RSI(Neutral): RSI indicates a small downside correction for the LTC price . There is small negative slope formation in the RSI which supports the downside correction. The overall sentiment of RSI is neutral.
CONCLUSION
LTC token price has lost more than 70% of its high from MAY 10,2021. It has given a discount for the retail traders to purchase the asset . LTC/BTC pair might also see a positive momentum in the near future.
Technical Levels
Major Support:$100
Major Resistance:$250
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.
