Price Analysis

Litecoin (LTC) Lacks Momentum and Support; Trades at $42

Litecoin fundamentals, just like Bitcoin fundamentals are stronger than ever as Litecoin is believed to be a dupe of Bitcoin if consider the long-term investing aim for the former just at the latter. Important to highlight that as the altcoin season has elevated all the alts irrespective of a spike in price or not. Litecoin, which is believed to be an investment of the long-term, has now recorded 2.1 Million holdings from last calculated to 1.4 million by Grayscale.

A portfolio is always a mix of risky and safe investments that can complement the amount of risk and return for an investor to fetch profit at the end of the day.

Litecoin has marked its place amongst those investment options that are safe and can be retained in the long-term. Moreover, with an increasing number of holding recently, Litecoin has also reported 3,07,603 new non-zero new LTC wallet addresses created in the past seven days. This is rightly pointing towards the increasing number of investors who are willing to splurge in the network. The price, at present, may not be enticing enough but certainly has gained believers for the future to be flourishing.

Litecoin Price Analysis

Litecoin News
LTC/USD Chart By TradingView

On the 24-hourly chart, Litecoin appeared flat against the US Dollar and was trading at $42.55, at the press time. The uptrend that was visible after the market crash in March was breached by a flat trend since the previous month due to a lack of steady momentum. The current price of LTC is not holding any support from 50-day and 200-day MA due to a lack of intraday momentum.

Moreover, due to volatile market conditions, LTC has been facing intraday setbacks, which has led to squeezing of 20-day Bollinger Bands, and the price trend is already hitting the lower BB due to lack of intraday momentum. The technicals are confirming the flat curve as the MACD line has turned flat since the last month, and the RSI is lying at 43 with no trading extremities.

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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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