- Grayscale Investments has quietly scooped up 178,691 Litecoin in the last 30 days
- This translates to roughly $28.9 million in Litecoin
- Gene Simmons has openly declared that he is ‘a happy Litecoin investor’
- The 50 day MA provides LTC with support at current levels of $160
- The monthly close tonight could send the value lower to the $150 – $145 price area
The Wall Street investment firm of Grayscale has quietly accumulated 178,691 Litecoin in the last 30 days. This amount of LTC has a value of roughly $28.9 Million using Litecoin’s current price of $162. The 30-day accumulation of Litecoin by Grayscale has been highlighted in the following screenshot courtesy of Bybt.com.
I’m Also a Happy Investor in Litecoin – Gene Simmons
The accumulation of Litecoin is not isolated to institutions such as Grayscale. Earlier this week, the frontman of the popular band known as Kiss, Gene Simmons, took to Twitter to announce that he was ‘a happy investor in Litecoin’. Mr. Simmons went on to recommend that investors do their own research on LTC as seen through the following tweet.
— Gene Simmons (@genesimmons) February 21, 2021
Litecoin Could Be Headed Lower With the Weekly/Monthly Close
A quick glance at the charts reveals that Litecoin has also been hard hit by the ongoing crypto market selloff that has seen Bitcoin retest the $44k price area. At the time of writing, Litecoin is trading at $162 which also happens to be a crucial support area as seen in the following daily LTC/USDT chart.
The above LTC/USDT chart also provides the following information on Litecoin’s possible price action into the new month of March.
- The 50-day moving average provides support at current levels of $160
- The daily MACD, MFI and RSI point towards an ongoing correction for Litecoin
- Trade volume is in the red with the daily Heiken Ashi candles also in the red, thus confirming continual selling
- The $150 – $145 price area is the next support zone should the current one be broken
- The 100-day and 200-day MA’s provide macro support areas at $140 and $95 respectively
- Chances are that volatility downwards will increase with the weekly/monthly close later today
Litecoin price analysis: LTC unable to break above $196. Do bulls need more consolidation?
- The Litecoin price analysis shows mixed market sentiment.
- Strong support is found at $190.
- The nearest resistance is found at $196.
The Litecoin price analysis shows no further improvement in price. The LTC/USD pair price went a little up at the start of the day, but after the first 4 hours, selling pressure has been continuously hindering the price function. The bears have rejected the upside above $196 for the third time during the last four days. The price is going down again as bears are still progressing. The LTC/USD pair sits at $195.7 at the time of writing.
Bears are trying to gain momentum after the bullish episode of yesterday, which was not significant enough to break the price above the said resistance level of $196. Although the last week comparatively proved good for the cryptocurrency value to the extent of gaining 3.2 percent value, as that was made possible only with the steep surge in price when it went as high as $207, bears are mainly in control thereon.
LTC/USD 1-day price chart: Bullish efforts not sufficient as selling pressure is fulsome
The 1-day Litecoin price analysis shows LTC is struggling at $195. The price shows minor improvement, which is almost negligible. During the last few hours, some variations in price have been observed, as the bears are trying to take the lead, as selling pressure is still there, providing support to the bears.
The price may fall below the moving average (MA) if selling pressure persists, which will be a further indication of the bearish trend. The volatility is comparatively high, with the upper Bollinger band at the $204 mark and the lower band at the $168 mark, making an average at $186 below the price level. The relative strength index (RSI) is in the neutral zone at index 58, showing no signs of up-down movement but may dip down in the coming hours.
Litecoin price analysis: Hourly charts confirm bearish flux
The 4-hours Litecoin price analysis further authenticates the bearish pressure. The price movement has been minimal during the last few hours, with bulls recovering a good chunk, but bears are not going anywhere soon, as they are trying to take their position back on the charts.
The relative strength index (RSI) shows straight-line movement which gives an indication of equaling of selling pressure and buying power, as the RSI is at index 52 and if it falls, the price will go down with it. The volatility is almost persistent, with the upper Bollinger band at the $199 mark and the lower band at the $189 mark; the average is forming at $194, just below the price level. The moving average (MA) is at the $195.2 mark, slightly below the price.
Today most of the technical indicators are towards the buying side due to the overall bullish trend for The entire past month. The moving averages (MA) and exponential moving averages (EMA) like MA10, 20, and MA30 give a buy signal. And EMA 10, 20, and EMA30 are all also giving buy signals.
The oscillators are mostly neutral except for two oscillators, including momentum and MACD giving buy signals. The overall technical indication is for buying, which reinforces the overall bullish trend.
Litecoin price analysis: Conclusion
The daily and hourly Litecoin price analysis report shows that Litecoin is yet not ready to break and sustain above $196. The market is showing mixed sentiment, and LTC/USD pair needs more consolidation to break above the $196 mark. A further decline can be expected in the coming hours but on a controlled level, as the environment is overall bullish.
Litecoin price analysis: LTC to retest $196 resistance as bulls gain control
- Litecoin price analysis shows a bullish pattern.
- Strong support is present at $191.
- Strong resistance is found at $196.
The Litecoin price analysis reveals bulls are trying to take the price higher. LTC was slowly recovering from yesterday’s loss when the price stooped down from $196.3 to $190.2. As the litecoin is in bullish mode from 29th September, LTC/USD is still in the green zone.
If we look at the price function of the past 24 hours, then LTC has gained a value of 2.95 percent during this time and is on a gain of 6.99 percent if we consider the entire last week. Today LTC/USD pair is trading between the $190-$195.7 range. During the last week, the LTC/USD price movement was mostly bullish, as the price curve is upwards for the mentioned period of time, but the coin is still floating below the psychological mark of $200.
LTC/USD 1-day price chart: will Litcoin break above $200?
The 1-day Litecoin price analysis shows bulls have taken the lead once again and are trying to take the price higher. Overall, LTC/USD has gained a value of around four percent over the last 24 hours, and the price has improved by 6.9 percent over the course of the last seven days.
The volatility is comparatively high for the LTC/USD pair as the Bollinger bands are still expanded, the upper Bollinger band is at the level of $202, and the lower band is at $168. The average of Bollinger bands is forming at $185 below the price level. The moving average (MA) is at $192 below the price level, giving some edge to the bulls.
The relative strength index (RSI) is in the upper half of the neutral zone and still moving up at a score of 57.
Litecoin price analysis: market pressure hindering bullish momentum
The 4-hours Litecoin price analysis indicates difficult times for the bulls as they are taking the price higher, but selling pressure is forming for LTC assets. Bears are hindering the bullish momentum, and recovery is not that easy for the bulls.
The moving average has traveled to $192.9, just below the price level, indicating a bullish crossover due to the recent bullish activity. The volatility is decreasing, which might limit the price fluctuation in the coming hours.
The Bollinger bands are converging, with the upper band present at the $199 mark and the lower band present at the $188 mark. The average of Bollinger bands is at $193.9 above the price level, indicating bearish potential. The relative strength index (RSI) has flattened up exactly above the centerline of the neutral zone; if RSI dipped again, the bears would again get the lead, and if it moved up, a further recovery could be expected.
The technical indicators for Litecoin price analysis are on the bullish side due to the bullish trend for the past month. Out of a total of 26 technical indicators, one is showing a sell signal, and 15 are showing a buy signal, and 10 technical indicators are in a neutral position.
The moving averages are also bullish, with 14 indications towards a buy signal and none for a sell signal, and one moving average is neutral. The oscillators are mostly neutral, with a score of nine oscillators standing neutral and one oscillator of MACD showing buy signal and the other oscillator of momentum showing a sell signal.
Litecoin price analysis: Conclusion
The 1-day and 4-hours Litecoin price analysis concludes that bulls are making efforts to take the price above the psychological mark of $200, but overall circumstances are not that favorable for them.
Though there are difficulties, the one most important factor is the movement of the RSI indicator, which will describe the future along with the movement of the MA curve below the price level, which indicates chances for a breakout are there.
Litecoin Forecast and Analysis October 25 — 29, 2021
Litecoin LTC/USD ends the trading week at 198.73 and continues to move within the growth and bullish channel, but now there is a rebound after updating the local maximum. Moving averages indicate a bullish trend. Prices broke through the area between the signal lines upwards. This indicates pressure from buyers of the digital asset and a potential continuation of the decline in the Litecoin rate in the current trading week. At the moment, we should expect an attempt to develop a price decline and a test of the support area near the level of 145.05. Where can we expect a rebound again and an attempt to raise the value of Litecoin with a potential target above the level of 305.05.
Litecoin Forecast and Analysis October 25 — 29, 2021
An additional signal in favor of raising the LTC/USD quotes in the current trading week October 25 — 29, 2021 will be a test of the support line on the relative strength index (RSI). Now the values of the RSI indicator have risen to the level of 70, therefore, there may be a fall before the continuation of the growth of the coin quotes. The second signal will be a rebound from the lower border of the bullish channel. Cancellation of the growth option for the Litecoin digital asset will be a fall in price and a breakdown of the 95.05 area. This will indicate a breakdown of support and a continued fall in the LTC/USD rate below the level of 45.05. Confirmation of the rise in the cryptocurrency will be the breakdown of the resistance area and the closing of quotations above the level of 255.05.
Litecoin Forecast and Analysis October 25 — 29, 2021 implies an attempt to test the support area near the level of 145.05. Then, continued growth to the area above the level of 305.05. An additional signal in favor of Litecoin’s rise will be a test of the trend line on the relative strength index (RSI). Cancellation of the growth option will be a fall and a breakdown of the 95.05 area. This will indicate a continued decline in cryptocurrency with a target below 45.05.