Litecoin (LTC) Closes Last Hour Up $0.40; 2 Day Up Streak Broken

The Hourly View for LTC

Last Updated June 2, 2021, 04:017 GMT

At the moment, Litecoin’s price is up $0.4 (0.22%) from the hour prior. Litecoin has seen its price go up 4 out of the past 5 hours, thus creating some compelling opportunities for bulls. As for the trend on the hourly timeframe, we see the clearest trend on the 100 hour timeframe. Of note is that the 100 and 20 hour changed directions on LTC; they are now pointing down. 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 back and forth price flow continues for Litecoin, which started today off at 182.94 US dollars, down 2.75% ($5.17) from the day prior. This move happened on lower volume, as yesterday’s volume was down 16.05% from the day before — and down 48.77% from the same day the week before. Relative to other instruments in the Top Cryptos asset class, Litecoin ranked 5th since the day prior in terms of percentage price change. Here is a daily price chart of Litecoin.

LTC

Litecoin Technical Analysis

Coming into today the current price of Litecoin is sitting close to its 200 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. Volatility for Litecoin has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving down. For another vantage point, consider that Litecoin’s price has gone down 9 of the previous 14 trading days.

Overheard on Twitter

Over on Twitter, here were the top tweets about Litecoin:

  • From MASTERBTCLTC:

    You can still buy a whole litecoin. There was a time when you could buy a whole bitcoin.Don’t wait until you can only buy a fraction of a litecoin.

  • From Pacoiin:

    i doubled my eth position. I strongly remember that one litecoin pump based on segwit? We are 2 months out to the london fork. At some point its gonna run and the fomo wil be big. Betting big on this gut feeling. but big is stil only 10% portfolio. I dont overrisk after msp lol

  • From MegaChunkyBuns:

    People make things way more complicated than they need to be. #Ethereum and other coins like it, have to do all this crazy shit to create value because the tokens themselves aren’t anything special. #Litecoin and #bitcoin just have to be what they are; sound money.

As for a news story related to Litecoin getting some buzz:

How Litecoin and Dogecoin Created One of the Most Robust PoW Network’s | Litecoin Foundation

In a Reddit Merged Mining AMA with the Dogecoin community, Litecoin creator Charlie Lee described Doge’s rapid distribution in the following way….As Litecoin’s hash rate continued to increase, Dogecoin’s network became more vulnerable by the day….Throughout this phase, Litecoin founder Charlie Lee contributed to the discussion by explaining to the Dogecoin community the benefits and negatives of merged mining with Litecoin….With Dogecoin hardforking and allowing merged mining, Litecoin miners (who after all, shared the same mining algorithm as Dogecoin’s), would be incentivized to protect Dogecoin’s network by mining LTC + DOGE simultaneously….At first, Litecoin offered a helping hand in securing Dogecoin’s network via merged mining — saying that, there could become a reality in which through Dogecoin’s constant inflation and continuous mining, miners could later return the favor by helping secure Litecoin’s network as it transitions into a fee-based system….Litecoin miners who decide to merge mine with Dogecoin are essentially receiving “extra gravy” on top of their mined Litecoin’s.