- The price of Litecoin has advanced by 1.72% in the last 24 hours trading at a CMP of $60.96.
- The trading volume for the crypto has dropped by 4.31% in the last 24 hours.
LTC is also known as the first successful alternative cryptocurrency and was launch on 8th October 2011. It uses the POW consensus mechanism. The block reward for the crypto is 6.26 and the latest number of blocks issue by the crypto is 2.5M. It was create by Charlie Lee who was also the former Google engineer.
The current market cap of the crypto is #15 throughout the whole crypto market as per Coingecko and Litecoin has a market cap dominance of 0.417%. The current market cap of the coin is $4.49B and the fully dilute market cap of the crypto is 5.121B.
Litecoin is a Layer 1 category cryptocurrency which means that secondary blockchain networks are built by this crypto. The all-time price for crypto was achieve on May 10, 2021, and since then the crypto has been consistent declining and made an all-time low of $1.15.
LTC Price Technical Analysis
Litecoin was trading inside a rising wedge pattern for a very long time and has recently broken down below the same and the crypto has also changed its market structure to bearish. This indicates weakness in the market.
The price of the share has been consistently declining from higher levels following a death cross of the 50-day and the 200-day EMA and the price is trading below both the EMA’s.
RSI for the LTC crypto tried to advance to higher levels but failed to hit the overbought zones in the weekly timeframe and slightly declined below the 50-level falling below the 14-day SMA, this signals a bearish trend in the RSI.
LTC Volume Analysis
Litecoin crypto has a very good average volume and it stays active most of the time but in recent times volume of the crypto has declined which indicates the lack of interest of traders in the coin.
Conclusion
Due to consistent decline in price, indicators like EMA and the RSI of the crypto on weekly charts are acting negatively and the crypto has also formed a bearish market structure following a downtrend. The volume of the crypto has also declined in recent times and the price has broken below a rising wedge pattern. Therefore, the price of the crypto is expect to decline further in the upcoming days.
Technical Levels
- Support Level: $47.00 and $61.50
- Resistance Level: $94.50 and $113.00
Disclaimer
The views and opinions stated by the author or any other person named in this article, are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.