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Litecoin [LTC] hints at 29% growth; Golden opportunity in offing

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As Bitcoin [BTC] went on to smash past $68.5K in the wee hours of November 11th, Litecoin [LTC] also followed suit. As a matter of fact, the silver crypto posted almost 6-months high.

Litecoin’s uptrend has been slow. For most of the second and third quarter, the crypto-asset was stuck below $240 after the mid-May crash. Uptrend attempts faced significant resistace at a little over $200. However, the renewed market momentum managed to catapult LTC from the lows.

There’s a high chance that Litecoin might pull off a vertical rally. 

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Litecoin’s [LTC] “Golden Opportunity”

Litecoin [LTC] hints at 29% growth; Golden opportunity in offing

The moving averages aligned with the bulls. The 200 DMA [Yellow] poised for a golden cross with the 50 DMA [Pink] as well as bullish crossover with the 100 DMA. Meaning, the sporadic rise is backed by promising technicals. The ongoing uptrend has found significant backing from the trading volume as well.

The diverging Bollinger Bands [BB] also depicted an increase in volatility which can turn the tide to the bulls’ advantage, depicting that an extension to the current upswing is likely. Awesome Oscillator’s [AO] closing green lines further validated the bullish thesis. In addition to that, the daily Relative Strength Index [RSI] pierced through the overbought territory indicating an intense buying pressure in the market.

Litecoin [LTC] hints at 29% growth; Golden opportunity in offing

There is little resistance between the current price level to Litecoin’s immediate target point of $294. If the asset manages to retain the bullish momentum, a 29% ascent and a subsequent breach of this level may transpire soon.

What’s fueling LTC’s rally?

A major important catalyst that needs attention is the increased on-chain activity after the release of the Litecoin debit card. Earlier, the Bitcoin service provider BitPay, and Verifone had announced a partnership to foster the adoption of digital payments with the help of Litecoin. As a result, not only did the asset’s on-chain activity explode, it also hit more than 50 mi

A little blast from the past: Litecoin saw a major shift in its price movement after the halving event in 2019. As the hash rate declined, the price went on to hit new lows. The bull run in the first half of 2021 did catalyze an uptrend for LTC, the asset, however, failed to hang on to it. But the latest rise comes amidst an aextended rally by the flagship cryptocurrency Bitcoin.

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It is also important to note that LTC’s weekly price movement has a strong resemblance to the accumulation period of the third quarter of 2017. Taking into account the current existing bullish pressure, a 2017-style rally could potentially push the asset upwards near its all-time highs [ATH].

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Litecoin price analysis: Bulls rescue price above $212 after a swift upturn

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litecoin-ltc
  • Price has improved up to $212 mark.
  • Litecoin price analysis shows uptrend.
  • Support is quite stable at $177.72.

The latest Litecoin price analysis predicts an upward trend for the day as a significant amount of recovery in LTC/USD value was detected. The bullish momentum is on the rise again as the buying pressure is increasing. Today, a successful climb to $212.11 was achieved because of consecutive bullish wins in the past week. Although the market was being led by the bears earlier, today’s trend has been relatively encouraging.

LTC/USD 1-day price chart: Price towers above $212.11 after upward strike

The one-day Litecoin price analysis shows a bullish trend as the market is going in support of the buyers today. The short-term trending line is also moving ascendingly now as the past week has been highly favorable for the bulls. Today, a significant rise in coin value was detected once again as the price reached $212 height. The moving average (MA) value, on the other side, is still at a relatively lower position, i.e., $207.70.

Litecoin price analysis: Bulls rescue price above $212 after a swift upturn 1

The Bollinger band average has declined up to $225.68 because of the previous downtrend. At the same time, the upper Bollinger band value has shifted to $273.64, while the lower Bollinger band has changed to $177.72. The Relative Strength Index (RSI) graph shows an upward curve with an average score of 48.74.

Litecoin price analysis: LTC value successfully tops $211 resistance after uplift

The bulls have been reigning the market for the past few hours as a consistent uptrend has been observed. The bullish curve marks a definite increasing trend as the price has been uplifted above the $211.25 resistance point. The LTC/USD value is now standing at $212.03 high after a remarkable recovery. If we talk about the moving average value in the one-day price chart, it is settled at the $203.79 position.

Litecoin price analysis: Bulls rescue price above $212 after a swift upturn 2
LTC/USD 4-hours price chart. Source: TradingView

The volatility is tremendously rising, which on the opposite, is a negative indication regarding the future trends. The upper Bollinger band is now at $211.25 end, and the lower Bollinger band is present at $185.60 end present. The RSI curve is showing an upgrade in LTC value as well as the score has reached 61.48.

Litecoin price analysis: Bulls rescue price above $212 after a swift upturn 3
LTC/USD technical indicators chart. Source: TradingView

The technical indicators chart for LTC/USD gives a neutral hint regarding the market trends, as a constant variation in price movements has been observed. A total of 10 indicators are on the buying side; nine hands are on the neutral side, while seven are on the selling side.

The Moving Averages Indicator supports the bulls by giving out a buying signal. We can see that five indicators are standing on the selling mark, nine hands are on the buying, and only one indicator is on the neutral mark. The oscillators show a neutral trend once again as eight oscillators are on a neutral position, two oscillators are selling, and one oscillator is on the buying position.

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Litecoin price analysis conclusion

The daily and hourly price charts display green candlesticks today as a considerable improvement in LTC/USD value has been detected. The price is now at $212.11, and further recovery can be expected if the buying rate increases. The hourly price prediction is also giving the lead to bulls because of the rapid rise in coin value in the last few hours.

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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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