- On the same day, Litecoin price dropped to $150.73 during intraday trading.
- LTC dropped another 13% after it broke out at $182 last Friday.
- The volume of trading has increased by 31% to further validate the concerning trend.
LTC/USD is down to $150.73, a new low for the year. This week, Litecoin‘s price decline has accelerated, with the coin declining as far as $150. On September 7, LTC reached a 30-day high of $231.33 before experiencing a severe sell-off in the weeks that followed.
Litecoin’s price then rose to $189 during a consolidation period, bringing the project’s total market value to nearly $1 billion. Since then, the currency has witnessed significant selling in the market, sending it back to $160.27 as of this writing.
On the 24-hour chart of Litecoin price activity, red candlesticks have dominated recent trading sessions, confirming the bearish outlook. The Relative Strength Index (RSI) is at a depressingly low 39, indicating that there was no buyer interest in the currency.
At the moment, the price is not expected to rise anytime soon. If price can prevent any additional selling and maintain above $160 support, a consolidation there might be the best possible outcome for LTC.
LTC/USD 4-hour chart: LTC set to reverse from the $165 support?
On the 4-hour chart, we can see that the Litecoin price is making a move to reverse higher as the $165 support level has provided strong resistance.
LTC/USD 4-hour chart. Source: TradingView
The Litecoin price has risen by over 80% from the previous swing low of $105. However, further advances were unable to be made during the last weekend, with only a slightly higher high set.
The price of Litecoin corrected to $230 after reaching $250, where it found support. The previous resistance point, around $165, was achieved on Monday and has provided solid protection thus far.
Overall, unless the $165 support line breaks, we should expect LTC/USD to reverse over the weekend and resume its path to the $190 major resistance. The next objective for Litecoin to breach is $200 once the $190 has been broken.
Litecoin Price Analysis: Conclusion
The Litecoin price is on the rise today, as investors continue to trust in the $165 support after a severe sell-off last week. As a result, we believe that bears are spent, and LTC/USD will seek to recoup some of its losses over the next 24 hours.
Litecoin Forecast and LTC/USD Analysis October 19, 2021
LTC/USD are trading at the level of 184.17 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 $12,694,175,590. Moving averages indicate a short-term bullish trend for Litecoin. Prices have broken up 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 177.65. 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 220.55.
Litecoin Forecast and LTC/USD Analysis October 19, 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 195.55, we should expect confirmation of the development of a bullish trend in Litecoin.
Litecoin Forecast and LTC/USD Analysis October 19, 2021 suggests an attempt to correct and test the support area near the level of 177.65. Where can we expect a rebound and a continued rise in the LTC/USD price to the area above the level of 220.55. 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 165.05 area. This will indicate a continued fall in the cryptocurrency with a target below the level of 125.05.
LTC Wallet Review 2021
Litecoin LTC was the 8th altcoin to be created, and it outlived the other 7 before it. Dubbed as the “Silver to Bitcoin‘s gold” when it started in October 2011, LTC became one of the most profitable wallets with an improved storage efficiency in just under 10 years. This article looks at that meteoric rise, focusing on how the LTC wallet was instrumental to that.
Overview of the Litecoin Wallet
One of the initial crypto assets to be developed, and one of the famous, Litecoin, is a Bitcoin fork; the digital currency majorly used the Bitcoin source code and made few changes. Litecoin has stood out among many altcoins, even though it has not been easy. Although the crypto coin started as experimental, it has become one of the most valuable cryptocurrencies worldwide.
It should be known that LTC mining is brought about; however, there is a fixed amount of available Litecoin, 84 million. A considerable difference between Litecoin and many other crypto coins is that mining from personal computers is possible. Litecoin was born to enable instant payments, something that Bitcoin was unable to do due to its slow transaction confirmation times.
History of the Litecoin Network
In 2011, GPUs were the significant miners of bitcoin, and this caused a lot of concern among some users who believed that the factors limiting bitcoin mining were higher than ever and that resources used for mining were becoming old and useless; this prompted a new altcoin, Tenebrix (TBX).
Tenebrix was based on a scrypt algorithm instead of the SHA-256 that was used in the Bitcoin network. The algorithm allowed the altcoin to be GPU-resistant. However, the developers added a clause that would enable them to accrue 7.7 million TBX for themselves freely; this was widely criticized and gave birth to Fairbrix (FBX), an alternative to Tenebrix.
Fairbrix was developed by the same person that created Litecoin LTC, Charlie Lee. Fairbrix was his first attempt, and as you would expect, it failed. Litecoin did not fail; it was released using an open-source client on October 7, 2011, and was linked to an online server on October 13 of the same year.
Litecoin enjoyed immense success after its launch because the developer learned from his Fairbrix mistakes and combined code from a bitcoin client that helped deal with the bug that killed Fabrix. So, they were running on the same basic codes (Bitcoin and Litecoin). However, the critical difference was that Litecoin had 84 million coins, significantly contrasted with Bitcoin’s 21 million.
Litecoin LTC has been successful with its launch so much that segregated witness was adopted in May 2017 and started completing transactions with the lightning network in the same year. More transactions have been met with it ever since then. The Lite coin has a market rank of #16 on the coin market cap as of writing.
An Insight into Charlie Lee
Charlie Lee, the founder of Litecoin and Litecoin wallet, is a computer science graduate from MIT. Digital currencies entranced him, most especially Bitcoin. He was working at Google when he read a Silk Road article about cryptos. Before coming across the paper, he had always been skeptical about the Federal Reserve System, so he was always looking for opportunities beyond the traditional financial methods (fiat currencies).
When the opportunity presented itself, he started mining bitcoin purely as an experiment. Then, he met Mike Hearn. Mike Hearn worked as a developer on Bitcoin. Mike inspired Lee to develop his crypto coin, his first try was a failure, and his second try was Litecoin which was a huge success. Today, Litecoin is one of the most prominent digital assets in the world.
Differences between Litecoin and Bitcoin
Litecoin is a fork of Bitcoin, but that doesn’t mean that no differences exist between them. Significant differences between them are highlighted below;
A significant difference between bitcoin and Litecoin is the cryptographic algorithm; Litecoin features an algorithm known as Scrypt, while Bitcoin uses the SHA-256 algorithm.
Another difference is the speed at which transactions are made. The average transaction time to be confirmed on BTC is a little under nine minutes per transaction. Litecoin is about 2.5 minutes per transaction; this translates to Litecoin having faster transaction confirmation times than BTC, appealing to traders and investors.
A third difference is the number of coins each cryptocurrency can produce. While bitcoin can have not more than 21 million, Litecoin can create precisely 4 times that, 84 million.
Similarities between Litecoin and Bitcoin
The first similarity between Litecoin and Bitcoin is that they are both my favorite assets. The second is that they are both decentralized cryptocurrencies.
Then the proof of work ecosystems that they both work on is there.
Now, this is where things get interesting. The way they carry out their transactions is similar. You can exchange Litecoin as well as bitcoin, or you can mine them. And they also both require a cold storage wallet as a means of storage.
What’s the Litecoin Wallet?
Now that we know everything about Litecoin, we can look at where Litecoin is stored. Litecoin typically has storage apps and is known as Litecoin wallets. Litecoin wallets are software apps that allow you to buy Litecoin, receive Litecoin send, and trade Litecoin. It ultimately makes our everyday use of LTC easier.
Litecoin wallet binds owners to their Litecoin using private keys. A private key allows you to make transactions in your wallet. It should be noted that Litecoin wallets help to manage your private keys so that they can easily be used without you having to input your private key every time.
A feature of Litecoin wallet is the LTC wallet displaying the amount of LTC coins you have. Your LTC wallet also indicates your Litecoin address which allows you to exchange LTC. You can also receive LTC with your wallet, and if you can store LTC for as long as you want.
Litecoin Core Wallet
The cryptocurrency wallet is the official node the Litecoin blockchain uses. Operating systems like Windows, macOS, and Linux support the wallet, which makes it user-friendly. The core wallet also helps to exchange LTC and make transactions easier. You can also have multiple wallets in the node.
The user-friendly wallet needs to be downloaded on your personal computer, though. It usually takes a long time, but it is more secure.
Available LTC wallets
LTC wallet is typically an app, a mobile app on your phone, a computer, or a hardware device.
Generally, an LTC wallet not connected to the internet is the safest because it cannot be hacked. Available LTC wallets can include Binance wallet, Coinbase wallet, Exodus wallet, Infinito wallet, etc. The above listed are the best wallet providers in 2021. They are divided into exchange wallets and software wallets, with Binance and Coinbase being an exchange or a mobile wallet and exodus wallet being a software wallet.
Examples of hardware wallets include Ledger Nano S, Trezor, and Bitcoin Paper Wallet.
What’s the best Litecoin Wallet?
The safest Litecoin wallet is the LiteWallet primarily because it is the Litecoin wallet developed by the Litecoin Foundation. LiteWallet also has an Android version and is probably the best option for Android users. Litcoin Core Wallet’s security level makes the wallet a fine choice for long-term savings. The Litecoin Core Client gives users a good level of security and functionality, and so it’s a good choice for storing and trading Litecoin.
It has been established that Litecoin has one of the many digital signatures in the crypto world. Even though there has been a decline in 2021, Litecoin is still very profitable, according to merchants with Litecoin wallets proving to be very instrumental in the profitability.
Surviving the 2018 crash made investors think that Litecoin has come to stay. However, there is a need for constant innovation if survival in the increasingly competitive ecosystem is to be maintained.
There are different ways to store and manage your Litecoin. All wallets have their features, along with varying levels of ease of use and safety. Among LTC wallets, we recommend using a software wallet or a hardware wallet since these are safer options.
Which wallet has Litecoin?
A trendy mobile wallet that is used to manage Litecoin is the Coinomi wallet.
What does a Litecoin address look like?
Litecoin addresses are typically 26-35 characters long and are usually alphanumeric characters.
Which Litecoin wallet is the best for Android users?
The lite wallet is probably the best option for Android users.
How do I get an LTC wallet?
You can get an LTC wallet by direct purchase, using a crypto ATM, or through an exchange.
Do I need a Litecoin wallet?
You need to install your Litecoin wallet before you can make any transaction with LTC.
Can Litecoin reach $1000?
CoinPriceForecast analysts think that the value of Litecoin can surpass $1000 before the end of the year and sustain a steady rise to the $4100 mark over the next 5 years.
Litecoin Price Analysis: LTC struggling to overcome rejection at $190
- Bulls have been in control of the price charts for the past several weeks.
- Oscillators are displaying neutrality.
- In the previous weeks, there had been a crossover between SMA 20 and SMA 50.
The bulls have been in control of the price charts for the past several weeks, and a rise in value was announced today. The price is once more at $186.26, as the bulls were able to make a successful comeback in the last 24 hours.
Although the price dropped significantly earlier, the bulls were able to recover and once again pushed the cost above $186. The price could rise still more in the following hours, which is fantastic for buyers.
Litecoin Price Prediction for the 24-hour Chart: Bulls battle bearish momentum
The one-day Litecoin price analysis is predicting an increase in price, as the bullish momentum has been revived. Despite the fact that the price dropped recently, today’s trend has once again been favorable to the bulls.
Overall, the price has been rising in recent weeks and is now at $186.3, surpassing the MA value of $180.9 for the first time.
In the previous weeks, there had been a crossover between SMA 20 and SMA 50, further validating the bullish trend. The Bollinger Bands Indicator is displaying the following values: $197.65 for the upper limit and $147.02 for the lower value. For today, the RSI score is 58.92.
Litecoin price analysis: Price back to $187
Following the previous fall, the four-hour Litecoin price analysis is showing signs of bullish movement. The price levels have returned to $186.3 after the favorable momentum was rekindled. For the last few hours, a downward trend has been in effect, but bulls have been able to return. Because of the prior drop, the price
LTC/USD 4-hours price chart. Source: TradingView
The average price of the Bollinger bands is currently $185.31. The upper Bollinger band, which is at $192.5, is higher than the lower one, which is at $178.13. The RSI score is 54.77, indicating a fairly neutral position. Nonetheless, bulls have been able to keep prices stable LTC/USD 4-hours price chart.
In addition, Litecoin is currently ranked as the sixth largest coin by market capitalization via CoinGecko’s live data.
The one-day LTC price analysis is predicting a further increase in value for Litecoin.
From a broad perspective, the value of the coin has made significant gains during the previous two weeks. This is why, on the technical side, LTC/USD’s chart is going up with 14 indicators for buyers, eight for neutrals, and four for sellers.
The indicator for moving averages is providing support for the bulls, with a high bullish signal. At the moment, twelve indicators are maintaining the buying position, two of which are on the selling level and one on the neutral area. The Oscillators are displaying neutrality; seven oscillators sit at neutral levels, while two indicators each reside on selling and purchasing levels.
Litecoin price analysis conclusion
The recent one-day and four-hour Litecoin price analysis is providing evidence of a rise in value as the bullish momentum has been rekindled. The price has been stabilized at $186.3 after having fallen significantly earlier. The buyers’ prospects are improving as the hourly forecast favors traders as well, providing an upper hand.