LTC

Litecoin – Litecoin (LTC) Closes Prior Hour Up 0.14%; in a Downtrend Over Past 14 Days, Heads Down For the 2nd Straight Day, Breaks Below 50 Day Average

The Hourly View for LTC

Last Updated February 1, 2021, 04:016 GMT

At the moment, Litecoin’s price is up $0.18 (0.14%) from the hour prior. The hourly chart shows that Litecoin has seen 2 straight up hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe. price action traders may also wish to note that we see a pin bar candlestick pattern on Litecoin. Given that we see an uptrend on the 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. The moving averages on the hourly timeframe suggest a bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.

Litecoin Daily price Recap

Litecoin closed the day prior down 2.97% ($3.97); this denotes the 2nd straight day a decline has happened. This move happened on lower volume, as yesterday’s volume was down 36.42% from the day before — and down 5.12% from the same day the week before. Relative to other instruments in the Top Cryptos asset class, Litecoin ranked 3rd since the day prior in terms of percentage price change. Below is a daily price chart of Litecoin.

Litecoin Technical Analysis

Notably, Litecoin crossed below its 50 day moving average yesterday. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving up. Interestingly, a trend in the other direction exists on the 14 and 30 day timeframes, where price is headed down. This may setup an interesting opportunity for traders looking to buy dips in anticipation of the primary trend resuming. For additional context, note that price has gone up 15 out of the past 30 days.

Overheard on Twitter

For laughs, fights, or genuinely useful information, let’s see what the most popular tweets pertaining to Litecoin for the past day were:

  • From johnkim77:

    I bought #silver in 2017 for $12.I didn’t look at price everyday and just had it in a safe place. It’s $27 now. If you would put your phone down and just treat #Litecoin as silver and just put it away for a while you’ll be fine.

  • From jaredctate:

    5/7 For #Litecoin which has a max supply of 84 Million there are 344 $LTC for every 1 metric ton of Gold. Thats 93 ounces for every 1 $LTC. So $1855 x 93 = $173,367 $LTC Gold Scarcity parity price. Now we take these GS Parity prices & determine scarcity undervalued multipliers.

  • From jaredctate:

    7/7 So this means #bitcoin is 20.5x undervalued compared to its Gold Scarcity price parity. #Litecoin is 1,320x undervalued and #DigiByte is 24,759x undervalued when put on par with their true scarcity in the known world. Really insightful.

(Excerpt) Read more Here | 2021-01-31 23:01:53
Image credit: source

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