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Litecoin Price Analysis: LTC Price Can Break The Major Resistance Level Of $180

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  • Litecoin price has seen bullish momentum from JAN 27,2021 and continuing its trend ever since
  • LTC price is currently trailing at the value of $160.03 with a gain of 4.45% in the 24-hour time frame and 21.67% from last week
  • LTC/BTC pair is trading at the value of 0.00404BTC with an intraday loss of 1.19%
Source: Trading view

After hitting the price slab of $163.43, Litecoin projected a negative retracement. The current price of litecoin is $160.04, with a gain of 4.88%. The coin is trading above 50 and 200 Exponential Moving Average. The 50 MA blue line is currently at the value of $133.53, making it temporary support for the price. The volume of litecoin has seen a gain of 14.89% and the market capitalization went up by 5.14%.

Litecoin (LTC) Technical Analysis

Source: Trading view

The weekly chart of Litecoin shows” Bulls are Coming to Rest “in today’s trading.LTC is facing the resistance at the value of $170, and the support region is at the value of 140.83.LTC/BTC pair is currently facing resistance at the value of 50MA. This pair has also formed a Doji candle in the past trading session, showcasing the investors’ dilemma.LTC has formed a bullish engulfing pattern in the past, indicating the price may see an upwards trend in upcoming days.

MACD(Bullish): MACD has given a positive crossover signal in the past trading session. It indicates a bullish momentum in the current market scenario. Bars of the histogram also indicates a positive momentum with higher strength.

RSI(Bearish): It is currently trailing at the level of 61.09, marking its presence in the Overbought zone. A positive slope is formed in the RSI, which indicates that the LTC price may see an uptrend in upcoming days.

Conclusion

LTC price is seeing a bullish trend and can break the major resistance level.LTC/BTC pair is facing resistance from 50MA and showing no sign for a positive comeback. An investor should do their due diligence before investing in Litecoin.

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Technical Level

Major Resistance:$170

Major Support:$140.83

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Litecoin Forecast and LTC/USD Analysis October 22, 2021

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LTC/USD are traded at the level of 204.04 and continue to move as part of the rise and the bullish channel. The capitalization of the Litecoin cryptocurrency at the time of the publication of the forecast is $13,333,492,930. Moving averages indicate a short-term bullish trend for Litecoin. Prices are again testing the area between the signal lines, which indicates pressure from buyers of the asset and a potential continuation of growth from the current levels. At the moment, we should expect an attempt to develop a decrease in the value of a digital asset and a test of the support level near the area of ​​190.55. Where can we expect a rebound again and a continuation of the rise in the Litecoin rate with a potential target above the level of 245.55.

Litecoin Forecast and LTC/USD Analysis October 22, 2021

An additional signal in favor of the growth of LTC/USD quotes will be a test of the bullish trend line on the relative strength index (RSI). The second signal will be a rebound from the lower border of the ascending channel. Cancellation of the option to raise the coin will be a fall in the value of the asset and a breakdown of the area of ​​170.55. This will indicate a breakdown of the support area and a continued fall in the cryptocurrency rate with a potential target below 135.55. With the breakdown of the resistance area and closing of quotations above the level of 220.05, we should expect confirmation of the development of a bullish trend in Litecoin, which will indicate a breakdown of the upper border of the downward channel.

Litecoin Forecast and LTC/USD Analysis October 22, 2021

Litecoin Forecast and LTC/USD Analysis October 22, 2021 suggests an attempt to correct and test the support area near the level of 190.55. Where can we expect a rebound and a continued rise in the LTC/USD price to the area above the level of 245.55. An additional signal in favor of Litecoin’s growth will be a test of the trend line on the relative strength index (RSI). Cancellation of the upside option will be a fall and a breakdown of the 170.55 area. This will indicate a continued fall in the cryptocurrency with a target below 135.55.

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Litecoin Forecast and LTC/USD Analysis October 21, 2021

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LTC/USD are trading at 198.05 and continue to move as part of the rise and the bullish channel. The capitalization of the Litecoin cryptocurrency at the time of the publication of the forecast is $14,182,763,662. Moving averages indicate a short-term bullish trend for Litecoin. Prices are again testing the area between the signal lines, which indicates pressure from buyers of the asset and a potential continuation of growth from the current levels. At the moment, we should expect an attempt to develop a decrease in the value of a digital asset and a test of the support level near the area of ​​190.05. Where can we expect a rebound again and a continuation of the rise in the Litecoin rate with a potential target above the level of 255.05.

Litecoin Forecast and LTC/USD Analysis October 21, 2021

An additional signal in favor of the growth of LTC/USD quotes will be a test of the bullish trend line on the relative strength index (RSI). The second signal will be a rebound from the lower border of the ascending channel. Cancellation of the option to raise the coin will be a fall in the value of the asset and a breakdown of the area of ​​165.05. This will indicate a breakdown of the support area and a continued fall in the cryptocurrency rate with a potential target below the level of 125.05. With the breakdown of the resistance area and closing of quotations above the level of 220.05, we should expect confirmation of the development of a bullish trend in Litecoin, which will indicate a breakdown of the upper border of the downward channel.

Litecoin Forecast and LTC/USD Analysis October 21, 2021

Litecoin Forecast and LTC/USD Analysis October 21, 2021 suggests an attempt to correct and test the support area near the level of 190.05. Where can we expect a rebound and a continued rise in the LTC/USD price to the area above the level of 255.05. An additional signal in favor of Litecoin’s growth will be a test of the trend line on the relative strength index (RSI). Cancellation of the upside option will be a fall and a breakdown of the 165.05 area. This will indicate a continued fall in the cryptocurrency with a target below the level of 125.05.

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Three Litecoin On-Chain Indications Show “Bullish” Data

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Litecoin holders are mostly in profit while whales stack more coins.

On-chain data provided by IntoTheBlock for Litecoin cryptocurrency shows three bullish indications for the coin simultaneously. The mentioned indications are net network growth, the number of addresses “in the money” and the concentration of funds.

Net network growth

According to provided on-chain data, the net network growth of Litecoin is currently up by 1.89%. The metric measures the change of the total number of Litecoin addresses.

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Following the continuation of a positive trend on the metric, the number of Litecoin holders is significantly increasing, which also reflects on the coin’s trading volume—which has increased by almost 100% since the beginning of the month.

In the money

While the volume of funds for Litecoin is progressively rising, it is important for them to remain “in the money,” which means staying above the entry point on the market. Currently, 70% of Litecoin holders are remaining in the money, which is the average value for an asset moving in the uptrend.

IntoTheBlock Data
Source: IntoTheBlock

Only 18% of traders and investors remain at a loss in the current market. Twelve percent of market participants are “in the money,” which means they have either just entered the market or have been holding their positions open since September when Litecoin was trading for the same price.

Concentration of funds

The concentration of funds signals changes in the whale-tier positions on the market. While large addresses are stacking rather than spending funds, the metric is considered bullish. The absence of selling pressure on the market allows assets to move.

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Litecoin Chart
Source: TradingView

While overall on-chain data is positive for Litecoin, it is most likely tied to the overall sentiment on the market, which remains bullish for both altcoins and Bitcoin. Cryptocurrency market capitalization has increased by $700 billion since the end of September and is continuously increasing.

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