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Litecoin Price Analysis: LTC is bullish in the next 24 hours

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  • Litecoin price analysis is bullish today.
  • LTC/USD is currently trading at $206.6
  • Further downside currently rejected.

Today’s Litecoin price analysis is bullish, as we anticipate the present decline to establish a new low and for LTC to bounce back there. Consolidation might be expected before recovery is achieved, most likely in LTC/USD.

The present decline has reached the $200 mark and is currently trading at $206.6, which means that it is now rejected for further downside. It is expected to bounce back to where it is expected to consolidate before moving towards the $244 resistance level.

Litecoin price analysis suggests that LTC/USD will continue to move up

However, there is no identified resistance level until $244, but the likelihood of Litecoin price analysis reaching it is slim because the Stochastic Oscillators indicator doesn’t show any sign of reversal at this point. However, once the expected consolidation is over, we would see Litecoin price analysis hitting $244 and still beyond.

This is a bullish sign as it indicates that most likely LTC/USD will continue to move up, or at least consolidate there. Also, the 100 and 200 Hrs moving averages are moving up, which is another bullish sign.

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Litecoin price movement in the last 24 hours: Litecoin spikes lower after consolidation around $200

LTC/USD traded in a range of $191.84 – $201.73, indicating substantial volatility over the last 24 hours. Trading volume has declined by 24 percent and totals $1.67 billion, while the total market cap traded around $13.35 billion, ranking the coin in 18th place overall.

LTC/USD 4-hour chart: LTC set to reverse above $190?

On the 4-hour chart, we can see Litecoin price action rapidly reaching the $190 support over the past hours, with buying pressure slowly returning.

Litecoin Price Analysis: LTC is bullish in the next 24 hours 1
LTC/USD 4-hour chart. Source: TradingView

LTC/USD is now trading at the crucial $200 handle. Litecoin price analysis is currently bullish because it breached through its previously identified resistance level. Since this time LTC also traced a volume surge. Also, the Stochastic Oscillators indicator has reached and tested the overbought region, but it is expected to turn down; thus, confirming that LTC/USD will continue to move up.

Litecoin price analysis suggests that if the $200 level is reached it will most likely be reversed to below $190, which would mean further consolidation before continuing its bullish movement.

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A new higher high was established on Monday, and the LTC/USD pair subsequently rose to a new high of $210. The market pivoted into a retracement after a second attempt to break higher.

Today’s price drop was far more significant than the previous days when the rate rose because of a sluggish downside slide over the prior days. However, the $190 support wasn’t broken, implying that we may be looking at a new low.

Litecoin Price Analysis: Conclusion 

The present decline has tested the $200 handle and rejected further downside. Litecoin price analysis is bullish today because it’s trading above $200 handle. However, there is no identified resistance level until $244 at the moment; so, consolidation might be expected before reaching it.

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Litecoin And Solana Outperform Bitcoin-Based Investment Products in November

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It’s been just revealed that Bitcoin-based investment products are seeing some pretty strong competition these days for altcoin-based products.

This is what crypto data company CryptoCompare revealed recently.

The latest reports from CryptoCompare are out

The crypto data firm explained that the investment products based on Litecoin (LTC) and smart contract blockchain Solana (SOL) had better returns than those based on BTC over the 30-day period leading to November 19th.

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“BTC-based investment products were outperformed by Solana & Litecoin-based products, led by 21Shares’ ASOL (Solana-based product) and Grayscale’s LTCN (Litecoin-based product), which returned 22.0% and 14.9% respectively.”

The online publication the Daily Hodl notes that CryptoCompare says Bitcoin-based investment products recorded losses over the same period while products based on Ethereum and Solana registered profits.

“BTC-based products experienced losses over the last 30 days, ranging from -6% to -13% while ETH products saw gains ranging from 0.5% to 7% for ETH products. 21Shares’ ASOL ETN [Exchange-Traded Notes] experienced the largest gain at 22%…”

The very same notes also revealed that the level of assets under management (AUM) for Bitcoin saw a significant drop on a month-on-month basis while the AUM for other crypto assets surged.

“Bitcoin AUM fell 9.5% to $48.7 billion in November, its largest month-on-month pullback since July. Meanwhile, Ethereum and other cryptocurrency products saw their AUM rise 5.4% to $16.6 billion and 10.4% to $2.6 billion, respectively.”

Bitcoin adoption intensifies

The mass adoption of Bitcoin continues despite the multiple corrections that the digital asset has been seeing lately.

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Check out the latest report coming from Cointelegraph about this exciting move that has been made.

It’s been reported that Fintonia Group, a Singapore-based fund manager regulated by the Monetary Authority of Singapore (MAS), has launched two institutional-grade Bitcoin (BTC) funds.

The new funds are the Fintonia Bitcoin Physical Fund and the Fintonia Secured Yield Fund.

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This is what Fintonia announced on Thursday.

“The funds are live and investors can subscribe and redeem regularly as they are open-ended funds, similar to a mutual fund. The funds are only available for accredited Investors.”

Keep your eyes on the market to see where the prices of the digital assets are going.

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Litecoin Forecast November 29 — December 3, 2021

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Litecoin LTC/USD ends the trading week at 194.81 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 185.05. Where can we expect a rebound again and an attempt to raise the value of Litecoin with a potential target above the level of 335.05.

Litecoin Forecast November 29 — December 3, 2021

An additional signal in favor of raising the LTC/USD quotes in the current trading week November 29 — December 3, 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 area of ​​145.05. This will indicate a breakdown of support and a continued fall in the LTC/USD rate below the level of 95.05. Confirmation of the rise in the cryptocurrency will be the breakdown of the resistance area and the closing of quotations above the level of 245.05.

Litecoin Forecast November 29 — December 3, 2021

Litecoin Forecast November 29 — December 3, 2021 implies an attempt to test the support area near the level of 185.05. 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 area of ​​145.05. This will indicate a continued decline in cryptocurrency with a target below 95.05.

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Litecoin and an Ethereum Rival Outperformed Bitcoin-Based Investment Products in November, According to Crypto Data Firm

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Bitcoin (BTC)-based investment products are facing strong competition from altcoin-based products, according to cryptocurrency data company CryptoCompare.

The crypto data firm says in a new report that the investment products based on Litecoin (LTC) and smart contract blockchain Solana (SOL) had better returns than those based on BTC over the 30-day period leading to November 19th.

“BTC-based investment products were outperformed by Solana & Litecoin-based products, led by 21Shares’ ASOL (Solana-based product) and Grayscale’s LTCN (Litecoin-based product), which returned 22.0% and 14.9% respectively.”

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CryptoCompare says Bitcoin-based investment products recorded losses over the same period while products based on Ethereum and Solana registered profits.

“BTC-based products experienced losses over the last 30 days, ranging from -6% to -13% while ETH products saw gains ranging from 0.5% to 7% for ETH products.

21Shares’ ASOL ETN [Exchange-Traded Notes] experienced the largest gain at 22%…”

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The report also highlights that the level of assets under management (AUM) for Bitcoin saw a significant drop on a month-on-month basis while the AUM for other crypto assets surged.

“Bitcoin AUM fell 9.5% to $48.7 billion in November, its largest month-on-month pullback since July. Meanwhile, Ethereum and other cryptocurrency products saw their AUM rise 5.4% to $16.6 billion and 10.4% to $2.6 billion, respectively.”

The decline drives Bitcoin’s market share as a percentage of the total crypto assets under management fall month-on-month from 73.7% to 70.6% in November.

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