Appreciating Litecoin Positions Itself Among Top 10 Most Traded Coins
Despite the rapidly-changing dynamics of the cryptocurrency space, Litecoin (LTC) is grabbing the market’s attention, be it for its strong price performance or its remarkable trading volume. As of now, Litecoin ranks itself among the top 10 most traded coins, possessing strength not only in its price but also in its trading volume.
With its current trading value at $64.34, Litecoin has displayed an encouraging increase of approximately 1.50% within the past 24 hours alone. Such optimistic numbers further fortify its ranking at #15 on CoinMarketCap, backed by a considerable market capitalization of a staggering $4.74 billion.
A Potential Breach of the $1,000 Threshold?
Interestingly, the journey doesn’t stop here for the altcoin. With a circulating supply of 73,612,302 LTC out of a fixed cap of 84,000,000 LTC, market analysts are curiously speculating whether Litecoin will breach the ambitious $1,000 threshold. As we delve deeper into the potential directional movement, it becomes evident that its journey to the $1,000 mark might not be a straightforward one.
An Uncertain Trading Pattern With High Optimism
From a technical standpoint, Litecoin’s pattern of trading hints at a level of uncertainty. Despite its unsuccessful effort to exceed the $65 resistance level, the continual candle closures beneath the $67 marker – corresponding with the 23.6% Fibonacci retracement – suggest that a price correction could be on the horizon.
However, optimistically, the emergence of neutral candles like dojis and spinning tops hints at a level of indecision among investors – a potential silver lining. Moreover, the LTC price routinely fluctuates around the 50-day exponential moving average, highlighting a sense of balance between the bulls and bears.
Divergence emerges predominantly when comparing technical indicators such as the Oscillator Indicator, the Relative Strength Index (RSI), and the Moving Average Convergence Divergence (MACD).
The RSI, staying under the 50 level, hints at a bearish inclination. In stark contrast, the MACD, exhibiting histograms above zero and displaying green bars, implies that bullish momentum may be on the rise.
However, the disparity between these indicators reveal market uncertainty, suggesting that investors are seeking a catalyst to influence Litecoin’s price path.
Despite the uncertainty, key support for Litecoin is predicted around the $63.75 level, which is reinforced by the 50-day exponential moving average.
The Influence of Support and Resistance Levels
If there’s a decline beyond this marker, Litecoin may expose itself to the $62.25 level, with the substantial $61 level operating as a potential stronghold. On the contrary, a bullish crossover exceeding $64.85 could pave a path for a rise to $66.85.
Beyond this point, the 38.2% Fibonacci retracement level could potentially pose a challenge, possibly restricting gains around the $70.43 level.
In conclusion, traders should be on the alert, closely observing the vital $65 mark. A descent below this level might entice sellers, while a climb above it could stimulate buying interest.
Litecoin’s rally post the Grayscale’s SEC triumph led to a surge of more than 6% in its price, further abating the idea of a significant $1,000 milestone in the future. This bullish sentiment is backed by the increasing number of long-term LTC holders, which forms a very optimistic sign for Litecoin.
With all eyes attentively glued to Litecoin’s future trajectory, we extend an invitation to our readers to share their thoughts and analyses in the comments section below.
