The world’s 7th most powerful cryptocurrency by market cap, Litecoin (LTC), has been making headlines and headways recently as the digital coin is finally starting to live up to its name. Currently, Litecoin seems to be fully lit.
In this week, after Monday, the prices of Litecoin (LTC) have been in a bullish trend (technically) rising from its low of 51.05 US dollars to the high of 58.73 US dollars. However, regardless of the good news, the prices of Litecoin (LTC) was resisted, and the prices of the digital coin fell to a low of 55.90 US dollars. Since last week, the price value of Litecoin (LTC) has been depreciating between the levels of 60 US dollars and 50 US dollars.
Today, Litecoin (LTC) prices continue to depreciate between those price levels until the digital coin is broken by price. At present, the prices Litecoin (LTC) is currently fetching 57.16 US dollars per coin. Nevertheless, both the signal line and the MACD line are below the zero-line indicating a trade/sell signal.
Subsequently, the price value of Litecoin (LTC) is below the 12-day and 26-day EMA respectively indicating we might be in the early stages of a bearish trend. The Relative Strength Index (RSI) for period 14 is in level 44 indicating the price value is in the sideways trend zone.
Litecoin (LTC) Price Trend and Forecast
At the time of writing, Litecoin’s market capitalization stands at 3.3 billion US dollars with a trading volume of 217.5 million US dollars in the last 24-hours.
When it comes to predicting the value of the coin, many crypto experts are of the opinion that Litecoin (LTC) is going to reach a price value of 600 US dollars or more before this year ends. At present, when you compare the virtual currencies in the market, you will see that Litecoin is doing a very good job of maintaining a good position among the many digital currencies.
Many cryptocurrency funds and institutional investors are either investing in the digital asset or are intending. This is the reason behind Litecoin’s (LTC) daily increasing number of transactions. If you are looking to invest in Litecoin (LTC), now might be the best time to trade in the digital asset as you would be in a good position to make some handsome returns throughout the year – thanks to Litecoin’s price prediction for 2018. But as always, it would be prudent to diversify your virtual currency holding to reduce the risks involved significantly.
Not too long ago, the virtual currency declined in value drastically against the US dollar and found a new support level that is close to the 49 US dollar mark. Shortly afterward, Litecoin (LTC) started an upward trend and corrected over 52 and 54 US dollar mark.
As you look at Litecoin performance chart, you will see the price value of the virtual token bids close to the 50 US dollar mark, a connecting support trendline. Litecoin’s price managed to keep a brave fight that led to its higher price surge that broke the resistance level at 54 and 55 US dollars respectively. The most recent price surge was positive as the digital coin exchanges hands over the 50% Fibo Retracement level of the prior swing that was of a high of 60.6 US dollars to the low of 49 US dollars.
Nevertheless, the price value of the virtual asset is currently capped on the upper side of the 57 and 60 US dollar levels. The 61.8% Fibo Retracement level and the 100-hourly SMA of the prior swing of the high of 60.6 US dollars and a low of 49 US dollars is close to the 58 US dollar mark.
Overall, there is another major hurdle Litecoin will have to jump that is close to the 60 US dollar mark. If Litecoin manages to appreciate over the 58 US dollar level, it will need to break the 60 US dollar level to correct further. Consequently, Litecoin has to maintain its immediate support level of 55 US dollars to avoid further declines.
For the latest cryptocurrency news, join our Telegram!
Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
Image courtesy of Pixabay.com