- Litecoin Price is seeing a bullish momentum with a gain of 7.18%. In contrast it is testing the major resistance of $370 with aim for the $500 mark.
- LTC indicators showcase a bullish move with a hint of consolidation. Meanwhile, the LTC/BTC pair is seeing a gain of 8.23%.
Litecoin is also called “Digital silver” due to its similar properties of BTC. LTC kurtosis shows a Leptokurtic distribution. It means a positive distribution with a rise in buying can be seen in the upcoming days. If the distribution becomes mesokurtic then one should wait for a positive action in the price.
LTC price is currently at $356.49 with an intraday gain of 6.2%. On the upward side LTC price can face major resistance at $390. On the downside, it can see a bounce back from $300. LTC is trading above 50 and 100 Moving Average. The 50 MA (Red) line is at $239 making it temporary support for the price. LTC/BTC pair is also on a bullish move with a gain of 8.61%.
Litecoin is currently ranked at 10th in the crypto-verse with a market capitalization of $23,297,877,035.36. The 24-hour trading volume of ($11,874,243,783) also went up by 4%.
Technical Indicators Hints A Bullish Momentum For LTC Price
Litecoin price shows a bullish momentum on the weekly technical chart. On the daily chart LTC has formed a Doji candlestick pattern. Litecoin price might reach $500 if it crosses the resistance of $390. If LTC breaks down below the $300 then one should wait for the price action to do its work. The Doji pattern conforms that the investors are skeptical about the current price.
The volume indicator on the daily chart is at 58.89K, indicating a buying signal with lower strength. It can see a rise in buying if the price goes above the $390.
RSI(Neutral): It is currently trailing at the value of 75.4, showcasing its presence in the overbought zone. There is no slope formed in the RSI, highlighting that LTC price will trail inside the consolidation zone before reaching the new high. The overall sentiment of RSI is neutral.
CONCLUSION
Litecoin has great potential and has proven its mettle for a long time. It has given great returns to the investors and can do the same in the future. LTC is about to give a breakout from the major resistance . One should look out for the price action in Litecoin.
Technical Levels
Major Support:$300
Major Resistance:$390