LTC/USD are trading at 264.74 and continue to move as part of the correction after a strong growth. The capitalization of the Litecoin cryptocurrency at the time of the publication of the forecast is $18,248,172,717. Moving averages indicate a short-term bullish trend for Litecoin. Prices went up from 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 correction in the value of a digital asset and a test of the support level near the area of 245.55. Where can we expect a rebound up again and continued growth in the Litecoin rate with a potential target above the level of 345.55.
Litecoin Forecast and LTC/USD Analysis November 12, 2021
An additional signal in favor of raising the 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 upper border of the bullish channel. Cancellation of the coin growth option will be a fall in the value of the asset and a breakdown of the 195.05 area. This will indicate a breakdown of the support area and a continued fall in the cryptocurrency rate with a potential target below 165.05. With the breakdown of the resistance area and closing of quotations above the level of 305.05, we should expect confirmation of the development of a bullish trend in Litecoin.
Litecoin Forecast and LTC/USD Analysis November 12, 2021 suggests an attempt to correct and test the support area near the level of 245.55. Where can we expect a rebound and continued growth in the LTC/USD price to the area above the level of 345.55. An additional signal in favor of Litecoin’s rise 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 195.05 area. This will indicate a continued decline in cryptocurrency with a target below 165.05.
Litecoin and an Ethereum Rival Outperformed Bitcoin-Based Investment Products in November, According to Crypto Data Firm
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.”
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 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.
Litecoin(LTC) Price Trending In The Buy-Zone! Is It Good Time To Accumulate?
Litecoin, the lite version of Bitcoin, and the first altcoin which is still in trade are slowly ranging high with making noise. After a gigantic drop during the May crash, the LTC price seemed to be too calculative in order to pull the next leg up. And hence the asset is following a specific pattern and with this structure, Litecoin price may regain its lost positions pretty much close to its ATH at $417.
The asset despite being one of the most primitive crypto assets remained silent for a pretty long time. And ever since the altcoins rally was ignited in the first half of 2021 that led the price to form a new ATH. Further, the asset slumped multiple times, but yet sustained above the strong support level.
The LTC price as mentioned in the above chart is pretty clear about the upcoming jump. The asset spike in between a minor consolidation each time. While the surge percentage is pretty huge, the consolidation fuels up the asset to move with high with notable margin. The LTC price after a gigantic surge accumulates for a little prolonged period and sets up a massive leg. Further to nullify the exhaustion, the asset also experiences a minor correction.
Currently, the asset is consolidating after surging towards the monthly highs. And hence according to the pattern, a notable drop close to the immediate support levels around $150 appears to be on track. However, the LTC price is pre-programmed to flip the downtrend and march towards its ATH just above $300. And hence Litecoin especially known for its calculated move could smash considerable highs and also minimize corrections remarkably.
Litecoin price analysis: LTC hovers above $200. Is LTC consolidating?
- Litecoin price analysis is bearish today.
- Support for LTC is present at $216.
- Resistance is found at $226.8.
Litecoin is again covering the downwards range as a decrease in price is observed today. The selling pressure has triggered again, and the bears have taken over the price function. The selling activity has affected the price, and more devaluation might be ahead.
The LTC/USD is overall sustaining its value above the $200 psychological mark after going through severe damage from 15th to 18th November when the coin was rejected from $280 and plunged down at $204. However, LTC managed to stop further slippage and seems like it is in a consolidation phase before it can rally again in the next week
LTC/USD 1-day price chart: Bears ruling the charts
The 1-day Litecoin price analysis shows the price has decreased from yesterday’s price cap of 223. Today the LTC has traded in a range of $225 to $217 so far, and at the time of writing, the LTC/USD is trading hands at $219.72 exactly, but it is expected that the price will go further down, as the selling pressure is already there and after 18th November LTC is following a zigzag price pattern which looks like a consolidation pattern. LTC has lost 0.13 percent value over the last 24 hours, but it has also gained 7.82 percent value over the past week. On the other hand, trading volume has increased by 10.06 percent, and the market dominance is 0.57 percent.
The volatility is also high, but the Bollinger bands show some degree of convergence, with the lower band covering more range upwards, while the upper band moves almost unchanged, hinting at the price to maintain its level on the broader spectrum and a rally upside may be observed in the coming days. The lower end of the indicator also suggests a support zone for LTC around $188 level, but on the flip side, the mean average of the indicator suggests a resistance level around $233 level for LTC.
The moving average (MA) is still below the price level at $216, but the price may step below the MA. And the relative strength index (RSI) has traveled down from the upper half to the lower half of the neutral zone; as the price stepped down to $219, the RSI has lowered to index 48.
Litecoin price analysis: Recent developments and further technical indications
The 4-hour Litecoin price analysis shows the coin is on a downwards trend from the last 12 hours, but the major loss was observed during the last four hours. However, now the LTC seems on its way to retest the support present at $216.
The volatility on the 4-hour chart is mild, with the price trading below the upper Bollinger band. The upper band and the mean average of the indicator represent resistance and support for LTC/USD at $226 and $214, respectively. The moving average is above the price level at the $220 level now, and the selling activity seems to be slowing down now as the price oscillation is low, which hints at the entry of bullish support soon.
Litecoin price analysis conclusion
The Litecoin price analysis concludes the coin is depreciating today in its consolidation phase. The bullish support may step in soon as the downwards price oscillation has slowed down. But for LTC to rally high, it must break out above the $231 resistance level. On the flip side, if the downtrend extends and LTC break below $203, this may cancel out the bullish scenario.