Litecoin Price Analysis: Will LTC again Showcase its Potential?


  • LTC has its next resistance at $54.25.
  • In terms of LTC support floor, it is now $48.51.
  • LTC/USD pair trading above EMA(20).
  • Litecoin gain bullish momentum over the past week gaining 19.92%.

29 February 2024 : In this article we will walk you through Litecoin price analysis for today or for next week and try to answer these frequently asked questions (FAQs), what is short term price prediction for Litecoin, Is LTC a good investment? Litecoin support & resistance levels etc. But before diving deep into the LTC technical analysis, let us talk about the current market conditions.

Market Analysis

Over the last twenty-four hours, there was a down fall of -1.84 percent, bringing the entire cryptocurrency market to $2,307,016,330,634. The total trading volume stands at $156,125,550,326. Bitcoin shares 52.96 percent of the entrie market while Ethereum has a dominance of 16.33%.
which resulted in Bitcoin's price rising to $62,240.87 level after an upward movement of 3.7%. A number of alternative cryptocurrencies, like ETHEREUM has seen a price increase of 4.68 percent reaching to $3,414.69 during the previous 24 hours.
While publishing this blog, BNB traded at $406.36, following a price change of 0.01% within the same time frame. SOL the native coin of Solana is up by 18.55 and currently trading at $131.27. Additionally, XRP reached $0.61 after seeing a uplift of 8.53% in value.
These events indicate that the market is heading in a downward direction for short term. At this moment, a general negative dip can being seen throughout the crypto market.

Litecoin Support and Resistance

Support and resistance are important technical indicators used to identify key price levels where the trend can change direction. Support is a level at which buyers become more active and stop the coin's price from falling any further. Similartly, Resistance is a level at which sellers become move active and stop the coin's price from moving higher.
Following are the support and resistance levels of Litecoin (LTC)

LTC Resistance Levels LTC Support Levels
Resistance Level 1 $54.25 Support Level 1 $48.51
Resistance Level 2 $57.05 Support Level 2 $45.57
Resistance Level 3 $59.99 Support Level 3 $42.77

Litecoin Performance

The price of Litecoin (LTC) is at $82.85, up 13.56% in the past 24-hours and has a price change of 19.92% over the week. One day trading volume for BTC is 1,005,847,567.00 USD while total marketcap reached $6,152,094,084.00 USD. There are almost 74,259,931 are in circulation out of 84000000.

Litecoin Price Analysis

LTC price analysis for 29 February 2024 within a daily time frame explained below. we use Relative Strength Index(RSI), Moving Average Convergence and Divergence (MACD), Support levels, Resistance levels, different time period moving averages including Simple Moving Average (SMA) and Exponential Moving Average (EMA) to analyze the future movement of the Litecoin.

Moving Averages Price Indicator
Simple Moving Average (10) 51.88 Buy
Exponential Moving Average (10) 51.86 Buy
Simple Moving Average (20) 52.71 Buy
Exponential Moving Average (20) 52.63 Buy
Simple Moving Average (50) 55.03 Buy
Exponential Moving Average (50) 54.90 Buy

The Relative strength index (RSI) for LTC Coin is currently hovering at 31 for 14-days average line, which means LTC is just recovering from a oversold condition. The LTC/USD Moving Average Convergence and Divergence (MACD) indicator is indicating a short-term sell signal as the MACD line is moving below Signal Line Which means bears are dominating in the market. While LTC’s Williams %R indicator is at -50.647 for the 14-day time period indicating a neutral condition.A trade signal is possible at this range.

Conclusions

As of now, Litecoin is doing well and is attempting to break out of the reddish zone. In order to invest in the digital currency, crypto investors want to see the LTC move into the positive zone. As far as we can tell, Litecoin is on its way up. In 2022 and beyond, the Litecoin price has a significant likelihood of rising. It's important that you do your own research before making a decision on whether or not this is a smart investment for you.