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- Litecoin price is failing continuously to break the resistance. It is trading near the value of $56 with a gain of 3.5%
- Technical indicators of the asset price are currently in favor of the bears. Meanwhile, LTC/BTC pair has seen a drop of 1.25%
Litecoin is one of the earliest currency which is still widely used in the present times.It was built and developed by charlie lee in 2011 two years after the Bitcoin launch.It has very low transaction fee and fast transaction confirmation time.Litecoin is very similar to Bitcoin code and uses Scrypt as its Proof Of work Mining system. The current circulating supply of the Litecoin is 71,012,493.78 and it is 85% of the total supply. The asset has a ROI of 1207%. The market dominance of Litecoin is near about 0.39%.
LTC has a market cap of $4,023,449,026 and is currently ranked 21st in the crypto verse. The volume of the asset price has seen a fall of 33% in the intraday session. The Volume to market cap ratio of the LTC is near 0.12 suggesting a consolidated trend.
Technical Indicators Of LTC Are Favoring Consolidation
The weekly technical chart of the Litecoin suggests a strong consolidation in price. Coming to the daily chart the asset price is trading near $56 with a gain of 3% in the intraday session.The asset price is below 100 and 200 Daily Moving Average. If the price jumps above 100 DMA then a strong trend can be seen in the future.The upside trend of the asset can see a halt near the value of $75. Meanwhile the support of the price can be seen near $50.
RSI: RSI of the Litecoin is near 44 suggesting its presence in the neutral zone. There is a small negative slope formed which suggests a downside trend in price. The overall sentiment of the RSI is neutral.
Conclusion
Litecoin has been one of the widely used crypto for transaction. It is currently seeing a consolidated trend but can soon see a new high in the future.
Technical Levels
Major Support:$50-$48
Major Resistance: $75-$78
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
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.
