Litecoin (LTC) is a digital currency that has more speed, lower cost, and wider availability than Bitcoin. It relies on Scrypt mining algorithm and has a larger supply limit. It is working to enhance its privacy and scalability with MimbleWimble. It is backed by many platforms and services. Litecoin is the silver counterpart of Bitcoin’s gold.
According to Litecoin itself, on the Coinmarketcap website, Litecoin is gaining popularity and value due to its upcoming MimbleWimble upgrade, its growing adoption in Latin America, its endorsement by celebrities and influencers like Gene Simmons and Ben Askren, and its support by institutional investors and funds like Grayscale and PayPal.
Litecoin (LTC) open interest is $242.15 Million, as per Coinglass, which is a crypto analysis website, it fell by 1.89% in the previous session. The long versus short ratio for 24 hours is 1.0589. The total number of short positions added in the last 24 hours is $357,730.416 against longs of $46,996.088.
Moreover, LTC coin has fallen by 24.13% and by 8.73% in the past six months, showing underperformance. Also, the year-to-date return of LTC price is negative with a 9.32% decline.
Litecoin crypto surged 1.10% in market value and plummeted by 2.47% in trading volume in the last 24 hours, per Coinmarketcap which is a crypto data and info website. Its market value is $4,687,083,116 and its trading volume is $222,472,404. There are 73,629,289 LTC in circulation.
The total value of the Litecoin (LTC) network, if all 84 Million LTC tokens were available today, is $5,346,431,237. This is called the fully diluted valuation (FDV) of the cryptocurrency. However, not all LTC tokens are in circulation yet, as they are released gradually over time. This means that the actual market cap of Litecoin (LTC) may be smaller than the FDV. According to CoinGecko, it may take several years for the FDV to be achieved.
Technical Analysis Of LTC Crypto in the 1-Day Timeframe
The LTC crypto price has been plummeting for the last three months by 29.97%, losing its value and creating lower highs and lows.
The LTC crypto price is facing a lot of selling pressure and dropping every day. In LTC change of character occurred at 61.80% Fibo level around $73 the market structure changed bearish and negative. The bears are dominating and the price is not able to recover.
The LTC crypto price might keep falling and reach or break the support levels of $59 and $54 if it does not maintain the current level and drops more.
On the other hand, if the price holds at the CMP level and breaks above the trendline, then it might reach the nearest target resistance levels of $69 and $73.
At the time of publishing, Litecoin (BITSTAMP: LTC) is trading below 20 and 50-day EMA, showing bearishness on daily charts. RSI is around 33, turned bearish and MACD indicates bearishness to consolidation. Collectively, the indicators view is consolidation to bearishness.
Conclusion
The LTC crypto price prediction shows a negative outlook and a lack of confidence from investors and traders in the daily time frame. Litecoin price action reveals a downward trend at the time of writing. Moreover, the most popular and reliable technical indicators such as RSI, EMA, and MACD suggest that the downward trend will continue in the daily time frame chart for the price.
Technical Levels:
- Support levels: The nearest support levels are $59 and $54.
- Resistance levels: The nearest resistance levels are $69 and $73.
