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Litecoin [LTC] Shows Off its Prowess as Bitcoin Silver becomes Biggest Gainer in Top-20 club

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On Tuesday, the cryptocurrency market decided to swerve into the bull’s path taking the price along with it. Altcoins ruled the roost after a much-needed break from the bear that affected the entire ecosystem’s market cap. Charlie Lee founded-Litecoin [LTC] became one of the biggest gainers of the week after a new round of investments from users.

At the time of writing, the Bitcoin Silver aka LTC was growing by 4.2 percent on the back of a strong week. LTC was trading for $188.4 on Tuesday while holding a market cap of $13.004 billion. The daily trading volume spiked to $2.8 billion as other altcoins tried to emulate its performance. When LTC hit its all-time high this May, the community was confident of upcoming developments.

Litecoin 1 hour:

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Litecoin [LTC] Shows Off its Prowess as Bitcoin Silver becomes Biggest Gainer in Top-20 club 4

As Litecoin’s immediate support remained near the $160 mark, the green candles continued their strong push. The graph showed signs of recovery after a low bearing September.

Relative Strength Index: Litecoin’s RSI climbed closer to the overbought zone, showing an increase in the number of HODLers.

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Chaikin Money Flow: The capital coming into the LTC market shot up as prices settled. Litecoin investors reveled in the latest hike as capitulation was left in the dust.

MACD indicator: Litecoin’s bearish momentum at the start of October caused the signal line to touch the MACD line. The resurgence was enough to push the cryptocurrency over to the bullish side.

Litecoin 1 day:

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Litecoin [LTC] Shows Off its Prowess as Bitcoin Silver becomes Biggest Gainer in Top-20 club 5

Litecoin’s long-term performance was indicative of the market’s fluctuations, showing multiple crests and troughs. The long-term support has fallen to $106.4, a far cry from its earlier holds.

Relative Strength Index: Just like in the hourly timeframe, LTC’s graph sporadically moved in the upward direction.

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Chaikin Money Flow: Getting capital intensive was a struggle for LTC but the latest marker was a step in the right direction.

MACD: The signal line and the MACD line moved upwards after converging during the past week. Even the MACD histogram ticked green for a sustained period of time.

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Litecoin price analysis: LTC recovers to $162, gaining eight percent overnight

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  • Litecoin price analysis is giving bullish hints.
  • Resistance for LTC is present at $165.2.
  • Support is present at $161.3.

The Litecoin price analysis shows that bulls are leading the charts for today amid an overall downtrend. Bulls are continuing their lead for today as well, as they took control over price function yesterday, following a strong bearish slide. Overall, LTC has been on a downslide since 15th November, when the price peaked at $279 on 14th November, Litecoin has gone through severe losses during this period, and still, the larger trend is the same. The cryptocurrency also incurred losses in the past four hours as well.

LTC/USD 1-day price chart: Price towers above $162

The 1-day price chart for Litecoin price analysis shows positive price movement of LTC. Although the past week has damaged the coin’s value a lot but today, bulls have managed to take the price up to make some recovery as now LTC is trading hands at $162.4 at the time of writing. Today’s upwards movement though small but is helpful considering the overall downfall. However, the bullish momentum is not strong enough as the price, after swinging as high as $165.6, has reverted back to the current price level as bulls were unable to break through the $165 resistance. A contributing factor to the low bullish esteem can be the decline in trading volume, which is also down by 19.2 percent today.

Litecoin price analysis: LTC recovers to $162, gaining eight percent overnight 1

Talking of the moving average (MA), its value is present far above the price level at the $184 mark. The volatility is also high as the Bollinger bands still cover more area, with the upper band located at the $241 mark and the lower band present at the $156 mark. The mean average of the Bollinger bands is present above the MA level at the $199 mark. The relative strength index (RSI) has increased a little bit, but the curve is again straightening up, hinting at a lack of momentum. The RSI is present at index 34.

Litecoin price analysis: Recent developments and further technical indications

The 4-hour price chart for Litecoin price analysis shows the price breakout was downwards today and remained bearish during the first eight hours today. Then bulls made a comeback and elevated the price to $165.6, BUT again a bearish activity has been going on during the last four hours. This is a worrisome sign as, despite the price still in the green, the bears have been leading for most of the time.

Litecoin price analysis: LTC recovers to $162, gaining eight percent overnight 2
LTC/USD 4-hours price chart. Source: Trading view

The MA is trading below the price level on the 4-hour chart as it is present at $156, also below the volatility indicator’s average line. The Bollinger bands also show low volatility as the Bollinger bands have converged sharply today and have formed a narrow channel for price function to follow, with the upper band at the $167 mark and the lower band at the $156 mark. The RSI is again showing downslope as the price function was also downwards during the last four hours due to the selling activity in the market.

Litecoin price analysis conclusion

The Litecoin price analysis shows the coin price has increased today, but the price function has been downwards for most of the day. The price has been headed downwards in the last four hours as well. Chances are for the price to move both sides depending upon which side overpowers the other. If the upside continues then, LTC bulls will have to break through above the $165 resistance level. If selling pressure persists, then LTC may revisit the $161 range.

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Litecoin (LTC/USD) forecast and analysis on December 8, 2021

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Cryptocurrency Litecoin (LTC/USD) is trading at 160.02. Cryptocurrency quotes are trading below the moving average with a period of 55. This indicates the presence of a bearish trend on Litecoin. At the moment, cryptocurrency quotes are moving near the middle border of the Bollinger Bands indicator bars.

Litecoin (LTC/USD) forecast and analysis on December 8, 2021

As part of the Litecoin course forecast, a test level of 173.20 is expected. Where can we expect an attempt to continue the fall in LTC/USD and the further development of the downward trend. The purpose of this movement is the area near the level of 121.60. The conservative Litecoin sales area is located near the upper border of the Bollinger Bands indicator strip at 173.50.

Litecoin (LTC/USD) forecast and analysis on December 8, 2021

Cancellation of the option to continue the decline in the Litecoin rate will be a breakdown of the upper border of the Bollinger Bands indicator bars. As well as the moving average with a period of 55 and closing of quotations of the pair above the 205.20 area. This will indicate a change in the current trend in favor of the bullish for LTC/USD. In case of a breakdown of the lower border of the Bollinger Bands indicator bands, we should expect an acceleration of the fall of the cryptocurrency.

Litecoin (LTC/USD) forecast and analysis on December 8, 2021 implies a test level of 173.20. Further, the continuation of the fall to the area below the level of 121.60 is expected. The conservative area for selling is located area of ​​173.50. Cancellation of the option of falling cryptocurrency will be a breakdown of the level of 205.20. In this case, we should expect continued growth.

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Litecoin Weekly Forecast December 6 — 10, 2021

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Litecoin LTC/USD ends the trading week at 195.56 and continues to move within the correction and the bullish channel. Moving averages indicate a bullish trend. Prices are testing the area between the signal lines again. 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 180.55. Where can we expect a rebound again and an attempt to raise the value of Litecoin with a potential target above the level of 335.05.

Litecoin Weekly Forecast December 6 — 10, 2021

An additional signal in favor of raising the LTC/USD quotes in the current trading week December 6 — 10, 2021 will be a test of the support line on the relative strength index (RSI). 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 135.05 area. This will indicate a breakdown of support and a continued fall in the LTC/USD rate below the level of 85.05. Confirmation of the rise in the cryptocurrency will be the breakdown of the resistance area and the closing of quotations above the level of 235.05.

Litecoin Weekly Forecast December 6 — 10, 2021

Litecoin Weekly Forecast December 6 — 10, 2021 implies an attempt to test the support area near the 180.55 level. Then, continued growth to the area above the level of 335.05. An additional signal in favor of an increase in Litecoin 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 135.05 area. This will indicate a continued decline in cryptocurrency with a target below 85.05.

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