Litecoin Could Follow Bitcoin Steeply ...LTCUSDT analysis !What is🌟 LiteCoin🌟?
It is another cryptocurrency that is very similar to the famous currency Bitcoin. In general terms, if we consider Bitcoin as gold, this currency is like silver.
Litecoin –LTC is one of the top five cryptocurrencies created in 2011 by Charlie Lee. Litecoin is a peer-to-peer network while it’s cryptocurrency Litecoin price prediction y has the same name. Using Litecoin, you can make fast and secure payments around the globe. Litecoin is a “lite version” of Bitcoin. Litecoin is a fork of Bitcoin based on the same code. Litecoin came to Improve capacity, to make faster the block generation while it uses a script in its PoW algorithm.
The Litecoin price prediction is a tough task as there are many factors that affect the price of the cryptocurrency. As in other assets, the supply and demand of Litecoin are essential factors affecting the Litecoin price. Also the cost of producing the Litecoin through the mining process plays a significant role in Litecoin price. The price of competing cryptocurrencies, etc.
What can we expect from Litecoin price in the future and what can boost it?
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❇️Quick Technical analysis
On December 14, 2020, the price of Ltc jumped from $ 80 & the ema8 (white line in the picture) with an increase in trading volume and went up to $ 185. But the long candle price in the weekly time frame shows the strong defense of sellers from this level.
If the price moves down the downtrend line, the bears will once again try to break the $ 130 support. In this case, the head and shoulders pattern will be activated at the target price of $ 100 and below it up to $ 80.
On the other hand, if the current high support price stabilizes in the vicinity, the uptrend will be pushed upwards, and the price growth will be possible up to $ 150, and finally the resistance of $ 185. may be seen again. Breaking the price above this level will increase the probability of continuing the upward trend and will give a strong smile to the upcoming goals.
However, the slope of (ema 8) is horizontal and the relative strength index (RSI) is above its mid-level and We see red volumes. These factors will show the balance between supply and demand and the entry of prices into the consolidation phase for some time.
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👉This analysis is my personal opinion and you are responsible for your own trades or invests.
❤️with Best Regards and successful trades
