Litecoin, from trading amongst the top 10 cryptos of the market, has now slipped below 10th position and is now amongst the top 15. Although the market rank suffices the profit-making criteria of the market, it cannot be ignored that the coin has slipped from the 4th position to currently trading at 12th position with a market cap of over $3 billion, while LTC price trades around $46.
However, the price dynamics are unfavorable for the investors at present to earn, but buying the dip is the most feasible option for crypto like Litecoin, which is believed to be a long-term investment. In this regard, LTC is definitely crypto that balances the risk-reward ration of an investor’s portfolio, which basically amplifies the adoption of the coin.
That is where the growth will come from.
That is what people should be concentrating on. Not the repetitive, idiotic garbage we read on here every day.
— David Schwartz (aka – Dasch) (@DaddyCool1991) September 26, 2020
Also, the LTC blockchain is completely tested and has proven its ability to handle any transactions of any size.
Litecoin Price Analysis
As we near the end of this moderately bearish month and a highly volatile quarter, we see that LTC had hit the lowest of the month around $42; however, it maintained strong support at $40. The 30-day movement of LTC/USD has been undoubtedly drawing a negative sentiment since the beginning of the month as the price crashed from $64 to $45 in a blink of an eye.
Moreover, before the coin could draw an even bearish crossover against the US Dollar, Litecoin strengthened from the utter Month-to-Date bottom and currently trades around $46. The current short-term movement can be slightly promising as the coin regains 50-day MA support and inclines towards the upper Bollinger Band that is seen squeezing, projecting towards a breakout soon.
On the other hand, the YTD movement of Litecoin is totally bearish as of now as it remains inclined towards the lower band with no support from MA50 or MA200. However, if the price of LTC shifts above $46.5, it is likely to regain MA200 support on the daily chart. With the slightest upside correction, Litecoin will regain the lost momentum.
Moreover, the other technicals are also confirming the negative bias of the market with the slightest bullish crossovers, and therefore, the MACD and RSI are validating the same.