Litecoin LTC is Hovering Above the $0.46 Level But Analyst Predicts Higher Highs Near-term

Litecoin LTC is Bearish Against the USD. At the time of writing, the Litecoin LTC token was trading at $46.02. It is up by 0.64% against the USD and up by 1.26% against Bitcoin BTC.

The trading volume over a 24 hour period was $1,975,099,203 and the market capitalization was $3,017,622,907. Many other tokens indeed lost their gains these last two months but LTC was one of the worst-performing of the top ten tokens on CoinMarketCap. Many famous analysts in the cryptocurrency industry believe that the Litecoin LTC token is falling because it is being overrun by other tokens with the same utility. Tokens like Cardano ADA, Tether USDT, Chainlink, and even the Binance Coin have gotten more attention than Litecoin LTC this year. It’s difficult to believe that the LTC token once had a market capitalization of $30 billion.

According to one analyst on InvestingCube.com, the Litecoin LTC token is currently bearish because of the low trading volume at this time. As the other cryptocurrencies are becoming more popular, fewer people are using the Litecoin LTC token. Even as the daily volume of Bitcoin BTC increased significantly over the last few days, Litecoin’s daily transaction volume only moved slightly higher. The analyst has said that Litecoin LTC will continue to face bearish pressure as long as it remains below the $50 resistance.

The Litecoin LTC token is now between the 23.6% to 38.2% Fibonacci retracement level of the last major drop. There is a dynamic resistance at the 25-day EMA.

If the Litecoin LTC token were to move lower against the USD, it might fall as low as $38 where it will find support against the USD. The immediate support at this time is at the $41.45 level. The bearish trend will only be validated if the token moves above the resistance at $50.

Ufuoma Ogono is a cryptocurrency writer with over 3 years experience in the cryptocurrency industry. She dedicates her time to sharing valuable information to members of the cryptocurrency community.

  • Litecoin LTC Has Left the $48 Level and is Now Above $46 Level
  • Analyst Predict that the Litecoin LTC Token Will Move Lower Near-term if the Token Breaches the Support at $45 

Over the last seven days, most tokens on CoinMarketCap capital have followed Bitcoin’s lead and moved higher against the USD. However, the LTC token hasn’t done as well as many others.

Bitcoin BTC has increased by more than 20% in the last three months, Ethereum ETH has increased by more than 50% but Litecoin LTC has only increased by 10% within the same time frame. Since the beginning of trading, things have become worse and the token has fallen below the $0.48 level which it held for months at a time.

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