Litecoin (LTC) Closes Prior Hour Down -1.29%; in an Uptrend Over Past 90 Days, 6 Day Up Streak Broken

The Hourly View for LTC

Last Updated February 16, 2021, 00:017 GMT

At the moment, Litecoin’s price is down $-2.68 (-1.29%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as Litecoin has now gone down 4 of the past 5 hours. Regarding the trend, note that the strongest trend exists on the 20 hour timeframe. Regarding moving averages, it should first be noted that price has crossed the 100 hour moving average, resulting in them so that price is now turning below it. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders.

Litecoin Daily Price Recap

The end of a 6 day positive run has come for Litecoin, which finished the previous day down 5.59% ($12.66). As for how volume fared, yesterday’s volume was up 32.8% from the previous day (Sunday), and up 415.43% from Monday of the week before. Out of the 7 instruments in the Top Cryptos asset class, Litecoin ended up ranking 4th for the day in terms of price change relative to the previous day. Let’s take a look at the daily price chart of Litecoin.

LTC

Litecoin Technical Analysis

Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving up. For another vantage point, consider that Litecoin’s price has gone up 11 of the previous 14 trading 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 SatoshiLite:

    11/ There’s also another way to get the hashrate needed to attack. That is to rent the hashrate. This is what the NiceHash-able percent refers to. Litecoin is 6% NiceHash-able. This means you can rent a total of 6% of the Scrypt hashrate. That’s nowhere enough to do a 51% attack.

  • From SatoshiLite:

    13/ Litecoin is Scrypt-dominant and that is one of the reasons why Dogecoin switched to merged mining (AuxPoW) with Litecoin in 2014. Litecoin and Dogecoin miners are combining forces to mine both coins at the same time. So it would cost almost just as much to attack Dogecoin.

  • From SatoshiLite:

    6/ But it’s not actually this cheap to attack Litecoin. There’s also the upfront cost that I first mentioned. This upfront cost can be calculated by figuring out how much money it costs to buy all the ASICs/GPUs needed to match the hashrate that is currently on Litecoin network.

In terms of news links for Litecoin here’s one to try:

This Litecoin Fractal Says Time Is Running Out To Accumulate At Low Prices

Signs are mounting that this could soon reverse, and according to a fractal from past market cycles, time is running out to accumulate the silver to Bitcoin as digital gold at such low prices….For more reasons to be bullish on Litecoin, go here….NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins.