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- 1 Litecoin has recently tweeted about ordinals saying they have brought art to Litecoin
- 2 Technical indicators of LTC favor a consolidated mode. It has seen a gain of 0.54% in the intraday session
Litecoin is a popular cryptocurrency that was created by Charlie Lee, in 2011. Litecoin was designed to be a faster and more efficient alternative to Bitcoin and became popular among traders. Litecoin operates on a decentralized network which makes it a more secure and transparent form of currency for peer-to-peer transactions. One of the Key advantages of LTC is its faster transaction time as compared to other crypto projects. LTC has become one of the widely accepted cryptos among merchants around the globe. Litecoin has a lower transaction fee as compared to other and also have a higher block size. Litecoin’s next halving is going to happen on Aug 2, 2023. It has an ROI of 2042% which has benefited various investors for a long time. Various analysts are expecting strong growth in asset prices in the future.
Litecoin has a market cap of $6.7 Billion and is ranked 14th in the crypto-verse. The volume of the asset price has seen a gain of 16% in the intraday session. The volume-to-market cap ratio of LTC suggests a consolidated trend in price.
Is A Bullish Move Of LTC On Its Way?
The weekly technical chart of Litecoin hints towards a weak downside trend in price. On the daily chart, it is observing a strong consolidated momentum.It is trading near the value of $92.5 with a gain of 1.2% in the intraday session. Resistance of LTC can be observed near the value of $100.Meanwhile, the support of the asset price can be seen near $85. It is trading above the 50 and 100 Daily Moving Averages. They can see a positive crossover in the asset price which can push the asset price to a new high.
RSI of the LTC is near 55 highlighting its presence in the neutral zone. There is no slope in RSI suggesting a consolidated trend in price.
Conclusion
Litecoin halving is going to happen in AUG 2023 which can push the asset price. Various analysts are expecting strong growth in the asset price in the future.
Technical Levels
Major Support: $85
Major Resistance: $100
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
