Litecoin price struggling to gain a positive momentum

  • Litecoin Price is currently moving in bearish momentum with an intraday loss of 7.48%. Meanwhile, the LTC/BTC pair is struggling with a loss of 2.00%
  • LTC indicators showcase an upcoming bearish momentum with lower strength and ready for the climb down to $150
Source:Trading view

Litecoin price is currently at the value of $173.36 with an intraday loss of 7.42%. LTC price while going upwards will face major resistance at the value of $240, and on the downside, it can see a bounce back from $150. It has given a golden crossover in late September of 2020. Litecoin is currently on its way for a negative crossover with the 50MA. If the price went down below the 50MA, then a strong bearish move can be seen in the upcoming days. The LTC/BTC pair is currently stagnated with an intraday loss of 3.37% and currently showing some strength for recovery.

Litecoin is currently ranked at 9 in the crypto-world with a market capitalization of $14,551,990,132.The 24-hour trading volume of LTC went down by 15.58%.

Whales Are Getting Away From Litecoin

Source:Into the block

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Litecoin has been one of the most popular platforms for the transaction. LTC is currently seeing a decrease in the large transaction from the last month. These effects on large transactions on Litecoin could be temporary, and it can reverse its position soon. There is a 120% decrease in the large transaction on LTC.

There is an increase of 2% in telegram members from the last 7 days. There is also a positive surge in the tweets for Litecoin. The rise in social media of LTC could help it in the long run.

LTC Price Currently Grasping At Straws

Source:Trading view

Litecoin weekly chart shows positive momentum. While coming on to the shorter time frame of 4hrs, it has formed a downward parallel channel. Litecoin price might reach $250 if it crosses over the parallel channel. If LTC breaks down below the parallel channel, then one should wait for bulls to do their work. It has formed a bearish pattern in the previous trading session, showcasing a negative momentum.

The daily chart’s volume indicator is at  54K, indicating a sell signal with lower strength. It can see a rise in buying if it breaks above the channel.

RSI(Bearish): It is currently trailing at the value of 45.38, showcasing its presence in the overbought zone. A significant negative slope is formed in the RSI, highlighting that LSK price will trail to the negative level before reaching the new high. The overall sentiment of RSI is bearish.

LTC Price Looking To Test The Lower Support

Litecoin has sublime potential with a great team.LTC has not been much profitable for the traders for the last couple of days. It has given a bare minimum return of 4% in a week. The LTC/BTC pair is also struggling for a positive breakout. An investor should do their due diligence on investing

Technical Levels

Major Support:$150

Major Resistance:$240

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(Excerpt) Read more Here | 2021-03-05 07:14:15
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