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Litecoin Price Analysis: Amidst Crypto Market Volatility, LTC Price has Shown a Bit of Decline

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Only two of the top ten cryptocurrencies have outpaced Bitcoin in 2019 so far, and one of them is Litecoin.

Let’s compare the price of Litecoin over a period of 25-days. In that context, on July 19, it was trading at 101.773 USD. Today, the altcoin has declined by a huge margin of 15.37%. On a similar note, in the last 7-days of trading, Litecoin has gone down by 7.23% from the level of $92.884 on August 07. Yesterday’s trading to portrays a similar story where it opened at 89.70 USD and closed the intraday trading at 85.75 USD with a slight bounce-back of 4.41%.

Current Statistics of LTC (On August 13, at UTC 11:12):

Litecoin price chart - Aug 13
Litecoin Chart By TradingView
  • Litecoin price was trading around $86.127.
  • Against BTC, the crypto was valued around 0.00761757
  • With an ROI of 1,895.26%, the market rank of Litecoin is 5th in the list of top cryptocurrencies.
  • Additionally, the Market Cap of the Litecoin was 5,407,303,997 USD.
  • On top of that, the last 24-hour trading volume of the altcoin is 2,614,705,652 USD.
  • Again, the total LTC coins circulating in the market was 63,027,443 LTC.

Litecoin Price Prediction & Conclusion:

Following the crypto market trend, Litecoin too has shown a bit of decline. Not to forget that it is inherently a strong crypto and with a dedicated user base and just needs a spark to fire its wagon of growth. For now, the immediate support is at 85.63 USD. Additionally, the resistance for the altcoin is at 89.37 USD.

The good news for Litecoin is coming in bits and pieces, and that’s with making it tough for the crypto to stand still. The altcoin had stooped to the level of $85 on yesterday, and no one is sure of the further movement of Litecoin, especially for the shorter span of time.

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Litecoin (LTC) gains $2 in a matter of hour

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Litecoin (LTC) gains $2 in a matter of hour

  • LTC/USD has broken above the resistance of $59.00.
  • The bullish momentum may be limited by psychological $60.00. 

Litecoin (LTC), the sixth-largest digital asset, has been one of the best-performing digital assets out of top-10. LTC/USD bottomed at $57.62 and jumped to $59.60 in a matter of an hour. At the time of writing, the coin is changing hands at $59.24, with over 1.5% gains on a day-to-day basis.

Litecoin’s technical picture

From the intraday, perspective strong support is now created by a combination of SMA100 (Simple Moving Average) and the upper line of 1-hour Bollinger Band at $59.00. Once it is broken, thee sell-off may be extended towards the next psychological barrier of $58.00, strengthened by SMA 100 and the middle line of the Bollinger Band on a 1-hour chart.

On the upside, we will need to see a sustainable move above the intraday high of $59.60 for the upside to gain traction. Once it is cleared, psychological $60.00 will come into view, followed by SMA200 1-hour eat  $60.50. The longer-term barrier is created by a confluence of SMA100 and the upper line of the Bollinger Band daily at $64.20.

LTC/USD, 1-hour chart

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Litecoin [LTC/USD] Shows Bullish Signals as Pair Grows by 2.2% in a Day

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  • LTC/USD forms a golden MA cross on the daily candle charts crossing $59 USD.
  • Litecoin (LTC) targets major resistance level at $68.00 USD.

Litecoin seems to be drifting away from Bitcoin’s bearish market sentiments as its USD pair gained over 6% in the past 48 hours to trade at a current price of $59.40 USD following a huge $2.30 USD spike in the past 4 hours. The positive sentiments growing across Litecoin’s community are strengthened by a positive outlook on the technical indicators which signals a possible start of a bullish momentum in the crypto’s price market.

LTC/USD rises forming a golden cross

Looking at the 4 hour charts, LTC/USD is closing in on a formation of a golden cross, the short term 50 day MA line (red) crosses above the long term 200 day MA line. A ‘golden cross on LTC/USD signals a possible bullish uptrend towards testing resistance levels at $64, $67, and $68 in coming days.

LTCUSD golden cross
LTC/USD Chart by TradingView

The price candle is currently trading above the middle Bollinger Band (BB) signaling a possible run-up towards the upper band. Price bounced off the support level of the bearish channel at $57.40 USD with bulls taking control of the sustained uptrend since Oct. 23.

BB LTCUSD
LTC/USD chart by TradingView

The overall volatility in the crypto market has been dropping in the past few months with volumes traded also dropping in the past few days as traders look for the next move. LTC/USD’s has followed the trend seeing a current squeeze on the BB bands signaling a possible period of high volatility in the near future.

A case to buy alts?

The crypto market bulls are finally showing meager signals of taking over from the extended bearish period. LTC, currently ranked 6th on Coinmarketcap listing with a total cap of $3.8 billion, has been one of top beneficiaries in the crypto-revival in the past 24 hours. LTC/USD bulls spurred the coin 2.20% in the past 24 hours, registering the highest return among the top 10 cryptocurrencies during the period.

The surge comes at a time most top altcoins across the field are experiencing green daily candles for the first time in a week, witnessing slight gains between 0.05% and 5%. Some investors see thid as a chance to stock up on alts as BTC falters below $8,500.

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Litecoin (LTC) gains $2 in a matter of hour

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  • LTC/USD has broken above the resistance of $59.00.
  • The bullish momentum may be limited by psychological $60.00. 

Litecoin (LTC), the sixth-largest digital asset, has been one of the best-performing digital assets out of top-10. LTC/USD bottomed at $57.62 and jumped to $59.60 in a matter of an hour. At the time of writing, the coin is changing hands at $59.24, with over 1.5% gains on a day-to-day basis.

Litecoin’s technical picture

From the intraday, perspective strong support is now created by a combination of SMA100 (Simple Moving Average) and the upper line of 1-hour Bollinger Band at $59.00. Once it is broken, thee sell-off may be extended towards the next psychological barrier of $58.00, strengthened by SMA 100 and the middle line of the Bollinger Band on a 1-hour chart.

On the upside, we will need to see a sustainable move above the intraday high of $59.60 for the upside to gain traction. Once it is cleared, psychological $60.00 will come into view, followed by SMA200 1-hour eat  $60.50. The longer-term barrier is created by a confluence of SMA100 and the upper line of the Bollinger Band daily at $64.20.

LTC/USD, 1-hour chart

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

source:fxstreet

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