The cryptocurrency market has been on a downtrend since the beginning of the year. The downward trend has affected all major cryptocurrencies with the exception of Litecoin (LTC). The price of Litecoin seems to be in a sideways market in preparation for a push above $200.
Litecoin’s price is still in a downtrend and has formed a support base above $100. The currency is heavily dependent on Chinese buyers, as well as Bitcoin, so news on the China regulations could have a huge impact on the price. If the news is positive, Litecoin could be strongly bullish. However, the currency is still trading sideways, and it needs a strong upward thrust to break above the downtrend trend line. In the meantime, Litecoin is preparing for a push to $200.
A close look at the Litecoin, the second largest global cryptocurrency, shows that the coin is in a sideways market. As the coin entered sideways market, the coin is preparing to push above the $200 level.. Read more about what could litecoin be worth in 10 years and let us know what you think.
Summary of the situation
LTC takes back $170.
The next resistance is at the $200 level.
The next upside target is $220.
The Litecoin price analysis for today is bullish as the market has found support at $170 and is gearing up for another push higher. Therefore, we expect LTC to hit the next resistance at $220 over the weekend and begin an even stronger rally later in the month. Crypto-currency heat map. Source: Coin360 The general market shows mixed results. Bitcoin lost 2.4 percent, while Ethereum rose 0.25 percent. Meanwhile, the rest of the altcoin market remains relatively flat, with the exception of Solana (SOL), which rose 11.65%. LTC/USD opened today at $178.62 after yesterday’s bearish close. Litecoin’s price momentum has set a slightly higher low of $170 after a slightly lower high of $200. Therefore, the market will move sideways until a breakout occurs.
Litecoin price movement in the last 24 hours
LTC/USD was trading in a range of $171 to $185, indicating moderate volatility. Trading volume fell 11% in 24 hours to $2.7 billion and a total market capitalization of $11.6 billion, putting the cryptocurrency in 14th place.
4-hour chart LTC/USD – LTC supports $170
On the 4-hour chart, we see that the market has failed to break through the $170 level, which means that more bullishness is expected in the coming days. 4 hour chart LTC/USD. Source: TradingView After a correction that lasted several weeks and resulted in a loss of more than 70%, the general market began to turn around. In recent days, the market has seen both higher lows and lower highs, suggesting that the market is trading in an increasingly narrow range. Therefore, we expect the market to move sideways in the coming days until Litecoin hits a higher high or a lower low. Resistance for a breakout is at $200 and support at $170. As the overall price action momentum can no longer decline and is exhausted, we expect LTC/USD to rise and break through the $200 level. From here, the next price target is $220, and reaching it would confirm that the market is becoming increasingly bullish.
Litecoin Price Analysis: Supplement
Litecoin’s price analysis is bullish, as the market has established a solid base from which it can rise in the coming week. However, the $200 resistance must first be broken to establish a higher top. Once that happens, the price of Litecoin is expected to climb further towards its previous all-time high of $413 later this month. In anticipation of a further rise in the price of Litecoin, read our guides on buying Cardano, bitcoin dominance and mining Zcash. Denial. The information provided does not constitute commercial advice. .com accepts no responsibility for investments made on the basis of information provided on this site. We strongly recommend that you conduct independent research and/or consult a qualified expert before making any investment decision.Litecoin (LTCUSD) is a cryptocurrency that uses the scrypt proof of work consensus protocol. It was based on bitcoin and the Bitcoin code, but with some modifications intended to increase its speed and to have lower transaction fees than bitcoin. By mid-2015, Litecoin had become the second most valued cryptocurrency by market capitalization and trade volume, behind bitcoin.. Read more about litecoin news and let us know what you think.
Frequently Asked Questions
Will litecoin hit $300?
Litecoin is one of the most well known Cryptocurrencies out there, and at the time of this writing, it has been worth over $50. Its price has been rising and falling over the past few months, but there are several reasons why LTC could shoot up again. The first reason is the upcoming Segwit2x fork; although it hasn’t happened yet, the fork is still scheduled for November. After that, the Lightning Network will be ready for launch, with many reasons why it could greatly induce LTC’s price. Litecoin was up $4.06 at $168.32 on the Mt. Gox exchange today. At the time of this writing, LTC/USD was trading at $169.87, having risen 9.1% in the past 24 hours.
LTC/USD is currently trading around $6.22, having reached a high of $6.66 within the past week. This follows a six week lull that saw prices fall by over 20%. This could easily be explained by the regular reports of the BTC ETF filing being rejected, or simply by the fact that there is no real news, and traders are unable to come to an agreement on the price. The value of cryptocurrency is notoriously volatile, with currencies such as bitcoin and ethereum experiencing dips and spikes in value over the past year, with the former also undergoing a spike in value in early 2018. So as the world’s attention turns to Japanese tech giant SoftBank’s $93 billion acquisition of Germany’s ARM Holdings, known for its mobile processors, there is a growing interest in what will litecoin be worth in 2020. Will the new litecoin fork of the original bitcoin keep its value or will the value of litecoin collapse like ethereum did in 2018?
Will litecoin reach $10000?
There is a lot of excitement in the cryptocurrency community right now, and especially in the Litecoin community. Many financial experts and crypto enthusiasts have been predicting a rise in the price of Litecoin for months now, and I agree with them. Litecoin is a cryptocurrency that is designed to make fast and cheap transactions, making it perfect for micro transactions, and in my opinion it is bound for $10000. After testing the $100 level, Litecoin is currently trading around $93, but it seems that the bulls are regaining control. If the price hits $100, it will be the first time it has reached this level since May. A break above there will confirm the bulls’ dominance and give a strong indication of the sell-off to come.
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