Litecoin (LTC) Lacks Momentum & Trades in a Narrow Range

LTC Faces Stringent Resistance at $50

Litecoin, at the time of penning down this article, was trading at 43.94 against the US Dollar and is lacking support from both 50-day and 200-day MA on the 24-hourly chart. Additionally, it was just towards the end of the previous week, Litecoin Hashrate was hitting an All-Time High.

Litecoin Hashrate is a numerical value that reckons how many hashes are mined by LTC miners who solve blocks. The present Litecoin Hashrate is 221.05 TH/s and holds a mining difficulty of 7.87 M at a block height of 1,860,187. Now, the major catch here is not the speed of mining a particular block, but how long does it take to mine a block based on its difficulty level in a constant time frame.

With this, we see an amazing rise in the trading transactions of LTC against the US Dollar but is yet to gain pace in comparison to other altcoins of the market that are just trading amazing. However, with the beginning of the trading session today, Bitcoin gained an amazing pace and is hitting above $9.4k after a brief visit around $9.59k.

Litecoin Price Analysis

LTC/USD Price Chart
LTC/USD Chart By TradingView

Litecoin is appearing flat since the previous month and has been trading in the range of $39.11 to $50.5 with an intermittent dip recorded in the ongoing month at $19.84. Having said that, the coin has rebounded amazingly well from testing support around $19 to the current trading price.

However, there has been a fine uptrend seen after the massive market crash in March, which many altcoins are exhibiting simultaneously. But, LTC has restored the trading level around which it was trading at the onset of the year against the US Dollar.

The technicals have been holding a calm notion as the 20-day Bollinger Bands laid are seen squeezing, and the price trend of Litecoin is hitting the lower band, which shows lack of intraday momentum. The coin is also lacking steady support due to intraday rejection.

Litecoin Chart

The other two technical indicators are seen as having a bearish divergence due to intraday lack of momentum and appear extensively flat on the daily chart trading within a narrow price range. The MACD of LTC looks flat and bearish due to intraday setbacks, and the RSI is at 45.68 with no extremities and confirming the flattish bound. According to the LTC price prediction and formation of technicals, the coin might continue to trade with a flattish trend as of now.

Mehak Punjabi

Mehak Punjabi is a post graduate in MBA with specialization in Finance and has joined CryptonewsZ with a skill building view in the world of cryptocurrency and blockchain. She is dynamic and a quick learner with a hold on financial analysis.

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