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Litecoin Price Analysis: LTCUSD Price Moving With Bulls?

  • The price of Litecoin increases by 1.20% and is trading at $55.93 against the United state dollar.
  • The RSI index indicated a Neutral signal and the MACD showing the bearish trend.
  • Support areas are found at $52.9753 and $50.6379.
  • Resistance areas are found at $57.1584 and $57.69 and $59.0041.

Current Status of Litecoin: Currently, the 6th position currency in the market is trading the value of $56.01and its value is moving along with the bulls increasing it by 1.31%. The market capitalization of the currency is $3,549,467,037 and the 24-hour volume of the currency is $2,220,690,840. The circulating supply is 63,373,354 LTC and the ROI of the Litecoin is $1,202.58%.

Litecoin has had a massive fall and currency is dropped from the value of $72.35. The currency even touches the value of $73 but didn’t stay there for long. The next day on Tuesday the currency experienced a massive drop in the value and reach directly up to $67.43 and it is huge. From Wednesday to Sunday the value of the Litecoin was ranging between the values of $50.00 to $58.00 and remain under the bearish pressure.

Yesterday, on Monday the currency open with the value of $54.31 and the closing price was $56.06. Yesterday, also the currency hovers between the particular ranges of values and the highest the currency reached is $56.16. If we compare yesterday’s and today’s price the value of Litecoin is experiencing an increase of 3.21%, which is really positive.

Technical and Price Analysis of Litecoin: If we look at the value chart of 1-day, pair LTC/USD the oscillators and moving averages are in the red zone and showing a sell signal. The RSI value of 34 and its action is neutral at the time in the market and on the other hand, the MACD is in a red zone showing a sell signal. The SMA of 10-day is the closest for the currency to re-test right now, it is able to break out then it could lead towards the SMA of 20-day. On the other hand, the EMA of the currency of 10-day, 20-day, and 50-day is indicating a sell.

The 38.2% Fibonacci retracement from 4 weeks is at the value of $61.8589 low to $68.8352 high, which means the bears are still in power. The major support levels of the LTC/USD are the values of $52.9753 and $50.6379. The major resistance values of the currency are $57.1584 and $57.69 and $59.0041. If the currency is able to break out this time then the currency could reach up to the value of $65.

 

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About Arushi Dubey

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Arushi Dubey is a student of Bachelor in Arts( Psychology). She is pursuing Psychology in arts with English literature and French Language. She is well versed in the English language. She is good at expressing her thoughts into words. She is still getting more and more trained in gathering knowledge related to Crypto Currencies and expressing them.

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