Litecoin is a decentralized peer-to-peer fee switch protocol impressed by Bitcoin. It is likely one of the few cryptocurrencies that has regained its earlier help stage rapidly after the downfall as a result of FTX liquidity disaster.
It suggests a optimistic momentum and future development of Litecoin in the long run. Nonetheless, must you put money into LTC in 2022? Learn our Litecoin prediction to know!
On the time of penning this publish, LTC was buying and selling round $57.70, which creates a optimistic sentiment for the quick time period. The candlesticks are forming within the higher Bollinger Bands with optimistic RSI that means it might cross the earlier resistance of $63 inside a number of weeks. Within the final 5 months, it was consolidating between $50 and $63.
Within the first week of November, Litecoin began an uptrend however rapidly modified momentum after the FTX liquidity disaster hit the market. Nonetheless, Litecoin rapidly regained its earlier help inside one week.
Whereas many cryptocurrencies are forming their yearly lows, the present LTC value is effectively above the yearly low, which suggests the next low sample for the long run. On the flip aspect, MACD continues to be bearish, with crimson histograms that recommend consolidation within the subsequent week, however the general short-term sentiment is bullish for LTC.
On the weekly chart, Litecoin candlesticks are forming across the baseline of the Bollinger Bands, and it held long-term help of $50 in the previous couple of months. Based mostly on the favored technical indicators, we expect it’s the proper time to speculate for the long run as a result of the LTC value is across the robust help stage, and if it breaks the resistance, it might not come to this stage once more.
Litecoin is well-liked for small transactions, in contrast to Bitcoin, which is primarily used for giant quantities. LTC has a restricted provide, so traders can count on a value surge within the subsequent few years. The advertising and marketing crew can be working arduous to increase their use circumstances, however the future will depend upon market adoption.
Litecoin is a basically and technically robust altcoin, which needs to be part of your long-term portfolio, so it’s a good time to build up LTC for the long run.