- Since its all-time low, the LTC crypto price has increased by 5965%.
- The Litecoin crypto has witnessed a huge long liquidation in the last 24 hours.
Litecoin (LTC) is a fork of Bitcoin that offers faster and cheaper transactions. It was created by Charlie Lee, a former Google engineer, who now leads the Litecoin Foundation. LTC has a limited supply of 84 million coins and uses new technologies like SegWit and Lightning Network.
The Litecoin crypto hit its all-time high price of $412.96 about two years ago and since then, the price has declined by 83.6%. The current trading price of the crypto is $67.88 and the total value locked for the crypto is $3.55 Million.
Additionally, the volume/market cap ratio of the crypto is 9.16% and the market cap rank of the crypto is 18th, as per CoinMarketCap. The trading volume of Litecoin has increased by 25.6% in the last 24 hours and the market cap has declined by 5.8%, resulting in $5.034 Billion.
Litecoin has a max supply of 84.0 Million LTC and it has the same amount of total supply. Additionally, the fully diluted market cap of the crypto is $5.703 Billion and it has a circulating supply of 74.123 Billion LTC.
Litecoin Derivatives Analysis
As per Coinglass, the long/short ratio for Litecoin is 0.9376 and there was an increase of 45.69% in the trading volume of the crypto. The value of the traded volume for the crypto is $652.27 Million.
Additionally, the long liquidation recorded for the Litecoin crypto is $1.33 Million and the short liquidation for the crypto is $33.80K.
LTC Crypto Technical Analysis
Litecoin (LTC) is facing a strong bearish pressure on the higher time frames, and is relying on a moving trendline for support. A breakdown below this trendline could trigger a further downward movement for the cryptocurrency.
LTC/USD Chart by TradingView
The indicators on the daily chart of the Litecoin crypto are indicating a bearishness in the stock price.
The EMAs such as the 20, 50 and 200-day EMAs are forming a bearish cross and the price of the crypto has also declined below them.
The MACD showcases a bearish cross of the MACD and the signal lines while they are both below the zero level forming bearish histograms.
The RSI has also declined below the 50-level and the 14-day SMA, indicating weakness in the price momentum of the Litecoin crypto.
Summary
Litecoin (LTC) is a Bitcoin fork that faces a strong downtrend on the higher time frames. The crypto has broken below a key trendline and may drop further. The indicators are bearish and the volume/market cap ratio is low. LTC has also seen a huge long liquidation in the last 24 hours.
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.