- The Litecoin price has given a positive reaction from the $79.13 bullish point of interest.
- The trading volume of LTC ranked 18th out of all 9,303 active cryptocurrencies.
- Moving averages reflect a strong positive signal in the current sessions.
Litecoin (LTC) was created based on the Bitcoin (BTC) protocol. However, the hashing algorithm, hard cap, block transaction times, and other factors differ. The protocol provides fast, secure, and low-cost payments by leveraging the unique properties of blockchain. LTC uses a Proof-of-Work (PoW) consensus mechanism to ensure transaction confirmation without errors.
Litecoin Returned 45.70% During the Six-Month Trading Session
Crypto enthusiasts observed a noticeable upsurge in LTC prices from September 2023. The price reflected consistent bullish sentiments for four consecutive months to December 2023. However, a bullish correction in the price was observed in January 2024.
Subsequently, the price regained bullish momentum in February from the $65.94 support level. It reflected over 19% return in February and 19.67% in the current month. This intrigues many buyers on the $79.13 decisional bullish point of interest (POI).
The fully diluted valuation (FDV) of Litecoin is assumed to be $8.02 billion, with a maximum supply of 84.00 million LTCs. This can prevent the LTC from inflation by gaining people’s trust and admiration. Litecoin has released 74.35 million LTCs in current circulation, which holds a market capitalization of $7.10 billion.
Price to Volume and Social Dominance Analysis
The social buzz of Litecoin has gained momentum after February 23. It registered a dominance of nearly 1.49% in the entire crypto world. The LTC price and volume also increased during that period.
The minimal difference between the price, volume, and social dominance reflects stability. The volume-to-market capitalization ratio (VMR) is 12.16%, making digital assets more accessible to trade in exchanges.
Technical Analysis of the LTC Coin
The 50-day and 200-day Exponential moving averages recently had a golden crossover at $72.69. This indicates a positive change in market sentiments. The LTC price have been getting multiple bullish rejections from both the EMAs.
Litecoin price gave a breakout from a pennant pattern at $70.67 and rallied 48% to the 105.14 resistance. Afterward, the price fell almost 24% to the $79.13 decisional POI. The price has given a closing above $94.77 and is moving towards the 105.14 resistance. LTC can attain the $115.00 mark after the breakout of 105.14 resistance.
The relative strength index (RSI) reflects a bearish divergence in the price momentum, indicating increasing selling pressure. At present, the RSI is moving 59.65 after having a positive crossover with the signal line.
Summary
Litecoin price has escaped a crucial consolidation zone from $79.13 to $58.90. The price suffered during this six-month consolidation period from August 2023 to February 2024. It has faced some negative remarks in the current month from 105.14 resistance. The LTC price closed above $94.77 and is moving towards the 105.14 resistance. LTC can attain the $115.00 mark after the breakout of 105.14 resistance.
Technical Levels
- Resistance Levels: $105.14 and $124.35
- Support Levels: $79.13 and $70.67
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.