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Litecoin Price Forecast: LTC robust on-chain metrics could support upswing to record highs

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  • One model reveals immense support and weakening resistance for Litecoin in the short term.
  • A separate ratio has reset into the negative region, suggesting it is time to buy into LTC.
  • Litecoin hit a barrier at the 100 SMA on the four-hour chart, giving way to the ongoing correction.

Litecoin sustained the uptrend following support around $170. The descending parallel channel’s lower boundary support reinforced the level, leading to gains toward $200. A break above the upper boundary resistance confirmed an upswing to $200. However, the 100 Simple Moving Average (SMA) on the four-hour chart resistance cut short the upswing.

Litecoin seeks higher support to sustain uptrend

Immediate support has been provided by the 200 SMA. Litecoin exchanges hands at $192 at the time of writing. The Relative Strength Index (RSI) shows LTC gradually falling into the bears’ hands.

If support at the 200 SMA remains intact, Litecoin will resume the earlier staged recovery for gains above $200. A step past the 100 SMA would confirm the bullish outlook and trigger buy orders amid speculation for yields toward record highs.

LTC/USD price chart

LTC/USD four-hour chart

The market-value-to-realized-value (MVRV) on-chain metric by Santiment has reset from a 30-day top of 12.6%. At the time of writing, the MVRV stands at 8.97%, implying that most Litecoin holders are at a loss. In other words, investors are unlikely to sell until they breakeven and get a considerable return on investment. Therefore, Litecoin is back in the buy zone, offering an opportunity to enter the market or increase a stake.

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Litecoin MVRV model

Litecoin MVRV model

Litecoin’s vivid bullish outlook has also been validated by the robust support revealed by the IOMAP model. This anchor zone runs from $185.2 to $190.5. Here, roughly 168,000 addresses previously bought approximately 4.24 million LTC. It would not be easy breaking through this support, thus validating the upswing toward the record high.

On the upside, a weakening resistance has been observed using the IOMAP model. Our attention is drawn to the region running from $196.7 to $202.26. Here, around 95,000 addresses purchased 1.8 million LTC. If the above technical analysis holds and Litecoin swings above this zone, buy orders are likely to be triggered, adding pressure to the tailwind.

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Litecoin IOMAP model

Litecoin IOMAP model

Looking at the other side of the picture

It is worth mentioning that Litecoin may continue to drop due to the resistance at the 100 SMA. Moreover, the bearish leg would extend further if the 200 SMA support fails to hold. On the downside, support is envisioned at the ascending channel’s upper boundary. If push comes to shove, the 50 SMA would be tested.

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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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