Litecoin is one of the biggest cryptocurrency in the crypto-sphere as it is among the top 10 cryptocurrencies. The crypto is often regarded as a lightweight Bitcoin because it is technically almost identical, faster and cheaper than BTC. It is important to note that Litecoin is the 7th largest cryptocurrency according to market capitalization and is carried by different exchanges around the world.
Litecoin / Bitcoin Market Activities and Price Forecasts
The price of LTC has been moving steadily at $60 price mark; however much of its activity is affected by the market activity of Bitcoin. Bitcoin increased recently to $6,800 so did Litecoin.
At the moment, Bitcoin is moving in a steady momentum which makes its price move at the rangebound of $6,200 to $6,580 in the 1-hour market chart. Also on BTC’s 1-hour chart, BTC 20-Period WMA is at $6630. Subsequently, Bitcoin’s MACD is building momentum for a bullish run.
On BTC 4-hour market chart, four resistances have been created from the last bear trend: $7,370, $7000, $6900, and $6700. BTC’s stochastic indicator also shows that Bitcoin is overbought and we may see a bull trend very soon, even though the BTC’s market chart shows it is in a symmetrical triangle.
If Bitcoin breaks out of its symmetrical triangle – out of (E), then that will positively affect the price of Litecoin and help LTC break out of its uptrend.
Bitcoin’s technical analyses are pointing out a bullish prediction in the next few days. However, the overall vital resistances for a breakout are $6800, $7000, and $7300 price marks.
Even though LTC is approaching resistance at 66 (ascending channel’s resistance, 100 percent Fibonacci extension) and a sharp dip might happen below this level dragging price down to the significant support at 57, 76.4 percent Fibonacci retracement, and 100 percent Fibonacci extension, there is still a high possibility that a breakout will occur.
Stochastic (55, 53) is still seeing a bearish divergence and approaching resistance where a reaction below this level might see a corresponding drop in price, but a breakout on Bitcoin will also affect Litecoin.
As regards to price predictions, many crypto analysts have are confident that Litecoin will reach a price of $500. If you are to take a look at Litecoin, you will notice that it is performing well.
At the time of writing, LTC is priced at $59.80 with a market capitalization of $3,504,111,177. Today, lots of institutional investors are investing in cryptocurrency, and as a result, the number of daily transactions on Litecoin has increased.
Based on its price forecast, it is safe to say that now is the right time to invest in Litecoin. Of course, you should not spend more than what you can afford to lose, though – the crypto market is extremely volatile and that’s a fact we should not forget no matter whatever the things point at a given time.
Overall, there is a bullish sentiment that is coming up with Bitcoin and Litecoin, which will have these coins jump to more than their current price.
Bitcoin is expected to go up till the end of the year steadily now. In the case of Litecoin, if it manages to come up above $60 price mark, then, it may move further to $70 or more. Consequently, LTC has been able to hold on to $60 for a few days now; in the coming days, positive things are set to come on the price of LTC – but investors need to be patient.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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