Litecoin has gained investors’ attention as a trustworthy medium of investment amongst many cryptocurrencies in the global market. Back then, people in the name of crypto only knew Bitcoin, followed by some faithful and trustworthy investments in XRP, Litecoin, etc. These cryptocurrencies’ rank keeps changing depending on their market capitalization dynamics, but the image created by the oldest of all, which includes Litecoin, is rare and distinct.
However, the smart contract platforms are seen taking over the oldies, and the classic example of it is Cardano. Yet, in the recent past, Charles Hoskinson, the creator of Cardano, had tweeted about Charlie Lee and him coming together to test cross-chain communication between LTC and ADA. This will lead to an innovative approach for Litecoin, which has been in the market for years now but lacks the amount of attention that Cardano is luring.
As much as I love the idea of cross chain communication through collaboration between a #blockchain like #Cardano and/or #Ethereum & #Litecoin, it still needs to make sense in terms of security & integrity of the coin
— David Schwartz (aka – Dasch) (@DaddyCool1991) October 15, 2020
Although, Litecoin may be ranked behind the major cryptos of the market wherein a few are even the newest in the space, However, over the time, LTC has gained massive attention, and in this regard, LTC transferred in the past 24 hours is more than Bitcoin Cash, Bitcoin SV and DASH combined. While Bitcoin Cash happens to be the most successful hard fork of Bitcoin, Litecoin is still heading.
— David Schwartz (aka – Dasch) (@DaddyCool1991) October 12, 2020
Litecoin Price Analysis
The YTD movement of LTC/USD is drawing a bullish crossover, undoubtedly unlike massive altcoins of the market presently, including XRP, ADA, ETH, etc. However, suppose we emphasize on the later half of the YTD movement of Litecoin. In that case, we see that the coin is facing a stringent resistance at $70 and is away from reclaiming the YTD high that it had hit in the initial month before the major market crash in March at $84.34.
With bullish sentiments in the intraday, LTC’s price trend is already breaching the upper BB as it currently trades at $49, holding immediate support from MA50 & MA200 at $49 & $47.5, respectively. The technicals confirm the increasing demand for security due to its bullish nature at present.
On emphasizing the movement of Litecoin closely over the past two weeks against the greenback, we see that the coin is clearly drawing an uptrend with a volatile move, therefore, not confirming any specific pattern. Contrary to what we saw on the YTD chart of LTC, we see that the coin’s price trend is breaching the lower 20-day Bollinger Band on the hourly chart.
As the coin trades below $49.5 at $49.3, it lacks support from 50-day MA, which lies at $49.9 and is close to testing 200-day MA at $48.85. The intraday sentiment for LTC/USD may be slightly bearish, but a persistent trade above $50 will lead to eliminating the risk of further dip.