- Litecoin has given a breakout from a Pennant pattern at $69.78.
- LTC coin’s current market capitalization rests at $6.28 Billion.
- A summary of the technical indicators suggested neutrality over the current market price.
Litecoin (LTC) leverages the unique properties of blockchain technology to provide fast, secure, and low-cost payments. The cryptocurrency is based on the BTC protocol but uses a hard cap, blocks transaction times, and a few other things. A former Google employee named Charlie Lee created this cryptocurrency intending to create a lite version of Bitcoin. Litecoin uses a PoW consensus mechanism to ensure transactions.
LTC Price Six Months Returns, Unsatisfactory!
The Litecoin price has witnessed deficient outcomes in the last six months. The price only gave 25.48% returns during that period. However, the price has shown bullish strength since February 2024, after a fall of 8.35% in January 2024.
The maximum supply of the tokens is set to be 84 Million LTCs, making it a deflationary cryptocurrency. Litecoin has released 88.48% of the tokens, which is 74.32 Million LTCs. It currently holds a market capitalization of $6.17 billion.
In January 2021, 66.24 Million LTC coins were mined out of 84 Million maximum supply. The Litecoin Foundation estimated it would take 100 years for a total dilution of around 2140. Besides, the number of LTC mined per block decreases every four years.
Price to Volume and Social Dominance Analysis
The social dominance of Litecoin holds stability in the crypto market worldwide. It reflects the community’s trust in the project. Current social dominance is at 0.396% more stable than the price. LTC has managed its volume of over $200 Million since December.
The trading volume of Litecoin has declined by 31.46% in the last 24 hours. It ranked 36th among all the 9,117 active cryptocurrencies. Additionally, the volume-to-market capitalization ratio (VMR) is 6.89%, making it a liquid cryptocurrency.
Technical Analysis of the LTC Coin Price
The 50-day and the 200-day exponential moving averages had a golden crossover recently at $72.71. It reflects that the sentiments have changed to strong bullishness. The current price is retracing the 50-day EMA, which can become a dynamic support.
ETC coin price faced immediate resistance from the $105.75 level. Earlier, it gave a breakout from a pennant pattern at $69.78. After that, the price surged over 50%. The price is making a bullish correction on the $80.51 bullish point of interest.
The analysts’ view of Litecoin is bullish, with the price reaching $115.08 after a solid bullish response from the $80.51 POI.
The relative strength index (RSI) reflected a bearish divergence in the price momentum. It indicates that the current price is facing intense selling pressure. The RSI is moving at 47.54 below the 50-mark middle band.
Summary
Litecoin uses a proof-of-work (PoW) consensus mechanism. Charlie Lee created this cryptocurrency as a lite form of Bitcoin. The current price is making a bullish correction and can surge to $115.08 if it gets a substantial bullish response from the $80.51 POI.
Technical Levels
- Resistance Levels: $105.75 and $115.08
- Support Levels: $80.51 and $72.14
Disclaimer
The views and opinions stated by the author or any people named in this article are for informational purposes only. They do not establish financial, investment, or any other advice. Investing in or trading crypto or stock comes with a risk of financial loss.