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Recently, the LTC price took support from the 200 EMA on the daily timeframe. The value of the LTC coin saw a substantial bullish surge of 16% after gaining support from bulls near $85 around early May. Despite making multiple attempts, the price is yet to breach its target of $100 even after gaining aggressive support from the buyers.
Presently, it is trading just above 100 and 200 EMA with a decline of 11% after making a double top pattern. The current value of the LTC coin is $85.32 and it has a Market Capitalization of $6.42 Billion.
Fall in Bullish Sentiment of Investors, Boost in 24h Volume
There is a minor decline in the bullish sentiments of the buyers within the last few days. The total bullish sentiment rate has depreciated by 12.5% furthermore the average social contributor’s volume of the token increased by 213.6% which signifies that the token is gaining investors’ attention.
Steady Increase in Price, TVL, and Active Users in the LTC Coin
The TVL value of the token observed a slight increase in its value in early June. It made significant recovery around mid-April which suggests that the token has regained the buyer’s trust.
A recent positive surge was also seen in the number of active users within the past few months. Lite coin reached its all-time high at 800K users. There is a slight decline in that figure at present.
Technical Analysis (1-Day Timeframe )
The RSI line is following the lead of the LTC price making a M-like pattern 14 SMA. The present RSI value is 45.75 points and the 14 SMA is trading below it at around 53.34 points.
The stochastic RSI is also mimicking the RSI closely. The current value of the %K line is 24.91 points, it is giving a bearish interception to the median line and the %D line is 57.88 points.
Conclusion
From previous analyses, it can be concluded that the price of LTC price is under the firm control of the sellers. It recently made a bearish engulfing candle with a double-top pattern. It is estimated that the value of Litecoin may observe a slight decline before finding buyers’ support.
Technical levels –
Support –$70.0 and $80.0
Resistance – $100.00 and $90.00
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.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
