Litecoin Analysis and market prediction Hello everyone, as we all know the market action discounts everything :)
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Litecoin had joined the crypto bull market that lasted from late 2020 to mid-2021. During that time, LTC price grew from under $50 to $412.96 — an all-time high which Litecoin hit on May 10, 2021. After this peak, the price fell quite sharply, reaching $104 by the middle of July. Since then, though, Litecoin has been showing strong signs of recovery.
Over the past seven days, Litecoin has seen a drop in value, as it lost 12.19%. The volume of Litecoin lately was $3.579B or 2.52% of the total volume of all cryptocurrencies. It has traded in a range of $220.80 to $282.60 in the past 7 days.
Possible Scenario for the market :
The market is still showing signs of a small Bearish movement that will most likely reach the first support level at $214.46 where we will see a big battle over control between the Bears and the Bulls, if the Bearish movement continues then we might see a further drop that could reach the support located at $198.773 or even $174.46.
The Bulls will try to gain control back over the markets knowing that technical analysis indicators show a Bullish long-term trend. the first attempt will be at the first support line where we might see a push back up that will reach the first resistance at $254.46 and from there if this bullish trend continues then we will be seeing the coin value reaching the $297.46 level.
***Litecoin would need to move through the $239 pivot to bring the first major resistance level at $254 into play.
Technical Analysis show :
1) The market is below the 5, 10 MA and EMA indicating a short-term Bearish movement, But still above the 20 50 100 and 200 MA and EMA which means Bullish for the long run.
2) The MACD is above the 0 line indicating a Bullish market with a crossover happening right now.
3) The RSI dropped after reaching the overbought zone and not it reached 53.60 showing good strength in the market.
Support & Resistance points :
support Resistance
1) 214.46 1) 254.46
2) 198.73 2) 278.73
3) 174.46 3) 294.46
Fundamental point of view :
Litecoin (LTC) is an early fork of Bitcoin and one of the first altcoins, launched in 2011 by Charlie Lee. An early Bitcoin adopter and Google employee. Litecoin was intended to be a “lighter” version of Bitcoin and is very similar to the pioneer crypto otherwise.
The price of Litecoin doesn't seem to necessarily correlate with the price of Bitcoin, which is very interesting to observe. However, it becomes more difficult to predict the price of LTC 5-10 years into the future.
Litecoin Smart Contracts, DAOs, Tokenised Assets, and NFT's are live, which could only help increase the coin value.
Venmo, currently ranked the second most popular financial app in the US has launched its much-awaited cryptocurrency offering to its 52M+ users marking yet another milestone for Litecoin adoption and accessibility. Alongside Litecoin, Venmo users will also have access to buy, sell and store Bitcoin, Ethereum and BitcoinCash directly within the app starting with $1.
This is my personal opinion done with technical analysis of the market price and research online from Fundamental Analysts and News for The Fundamental point of view, not financial advice.
If you have any questions please ask and have a great day !!
Thank you for reading.
