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Litecoin Price Analysis: LTC/USD set to break above $210 resistance

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  • Litecoin price analysis is bearish today.
  • LTC/USD is currently trading at $207.5
  • Next resistance is found at $210. 

The price of Litecoin has dropped over the past 24 hours, which indicates that the market is bearish. As a result, LTC/USD hasn’t yet discovered its bottom, implying that more loss is likely. First support comes in at $210, which is the next major landmark below the current price. We may continue to see Litecoin lose more of its value over the next few days if this holds.

After the buying frenzy yesterday, the price of Litecoin dropped as low as $199.98 overnight before finding some level of respite for now. This is a loss of 2.5% from yesterday’s close at $209.35 and means that Litecoin has now fallen over 8% in value since our last article. We currently see support at the psychological round number barrier of $200, which will need to hold if we see any positive movement this week. If it breaks, the next significant support lies around $205, which would be a 1-2% drop on top of the current loss. A failure here could lead to more selling pressure towards $200-$205, where we can expect support to be found. On the other hand, if $200 holds, we may see upward momentum towards $210.

This is a bearish outlook for Litecoin, so it isn’t surprising to see more selling pressure confirmed at this stage of the game. With that in mind, Litecoin is almost certain to break new lows for this week. Unless something drastic happens very soon, LTC/USD will drop below its key supports quickly and spend time trading within extremely oversold conditions (Ichimoku Kinko Hyo). This means there could be room for some buying sentiment later on during Asian trade today, according to our latest Litecoin price analysis.

LTC/USD 4-hour chart: LTC looks to test further downside?

On the 4-hour chart, we can see the Litecoin price still declining as bears look to test further downside.

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Litecoin Price Analysis: LTC/USD set to break above $210 resistance 1
LTC/USD 4-hour chart. Source: TradingView

The Litecoin price has been in a bearish trend for the past several weeks. After another significant swing high was established at $300 on November 10, bearish momentum began to build.

On November 30, LTC/USD dropped to $220 after an initial retracement to $250. The second attempt began at the $280 mark and ended at $220.

The price of Litecoin has been fluctuating, but mainly in a negative way, for the past several days. Yesterday, the bearish momentum resumed after some correction, resulting in another drop during the night. The low was established at $215, likely leading to more reductions throughout the next 24 hours.

Litecoin Price Analysis: Conclusion 

The drop in the LTC/USD rate has continued over the past 24 hours, and it seems that bears are gaining strength. After another lower low was established earlier today, we expect a further decline to follow. The next major support will be $210 for LTC/USD, where the price may move to test.

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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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