Connect with us

Litecoin

Litecoin Price Prediction: LTC recent rally registers a 30% price surge

Published

on

litecoin-ltc
  • Litecoin price prediction highlights LTC 30 percent price surge in the last 24-hours.
  • The latest price surge pushes Litecoin past its 62 percent Fibonacci retracement level.
  • Despite having a green day, Litecoin still technical analysis paints a bearish picture.

At the time of writing, Litecoin is exchanging hands at around $168 after recording a 30 percent price increment in the last 24-hours. Despite the positive price movement, the cryptocurrency is still 63 percent down from its $420 all-time milestone set on December 12, 2017.

Litecoin Price Prediction: General price overview

During the start of trading today, Litecoin was exchanging hands at around $157, marking an 11 percent price surge on the day. The recent price increment marks the largest 1-day positive price movement since May 20. The recent price surge is significant as it pushed Litecoin’s market capitalization up to $10.6 billion. This is equivalent to 0.7 percent of the total crypto market capitalization. Although this is an impressive fete, Litecoin clocked $25.61 billion in market capitalization during its highest season. The last 24-hours have seen the cryptocurrency range between $139.8 to $163.1 price range regarding market capitalization.

Over the past 7-days, Litecoin has recorded a 45 percent price decline. Additionally, the volume of Litecoin tokens exchanged in the last 24-hours is around $6.7 billion. This is around 3 percent of the total volume of all virtual assets in the market. In the last 7-days, Litecoin has exchanged in an extension of around $118.5 to $318. Moreover, Litecoin is still down by about 63 percent from its $420 ATH set in December 2017.

Litecoin price movement in the past 24 hours

Litecoin Price Prediction: LTC recent rally registers a 30% price surge 1
Source: TradingView

At the time of writing, bearish conditions are still dominant in the crypto market, and Litecoin is not left behind. Part of why the crypto market is underperforming is the recent crypto ban by the Chinese government. For instance, LTC suffered a 16 percent price plunge during Sunday’s trading session, following a 6 percent price depreciation recorded on Sunday. The weekend trading session saw the crypto asset fall by about 51 percent to settle around the $143 price range. Despite this, Litecoin managed to record an impressive 3 percent rally during today’s early morning trading session. This price surge saw the crypto asset settling at around $147. At present, Litecoin is trading at around $170, marking a 30 percent price increment.

Litecoin 4-hour chart

Litecoin Price Prediction: LTC recent rally registers a 30% price surge 2
Source: TradingView

At the time of writing, Litecoin paints a bearish picture in its 4-hour price chart. Key technical indicators suggest the crypto asset is in for a bearish leg. This trend threatens to depreciate Litecoin’s value further downwards. For instance, the Moving Average Convergence Divergence (MACD) indicator shows Litecoin is trading way below the Signal line. This puts the crypto coin in the red zone under the command of the bears. As for its Relative Strength index, Litecoin is currently in the oversold region showing many investors are selling their holdings.

Conclusion

Although Litecoin is currently bearish, the bulls need to ensure the crypto coin does not plummet below the $146 price region as such a move would spark a new wave of selling orders. Considering the current market conditions, Litecoin would need support from its investors and the broader market to breakout towards the 62 percent Fibonacci retracement level at around $174.