Litecoin (LTC) Closes Last Hour Down $-0.07; 2 Day Up Streak Snapped, But Still in an Uptrend Over Past 90 Days

The Hourly View for LTC

Last Updated February 1, 2021, 02:016 GMT

At the moment, Litecoin’s price is down $-0.07 (-0.05%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. Regarding the trend, note that the strongest trend 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 entered today at $133.53, down 0.98% ($1.32) from the previous day. The price move occurred on stronger volume; specifically, yesterday’s volume was up 22.82% from the day prior, and up 20.27% from the same day the week before. Those trading within the Top Cryptos asset class should know that Litecoin was the worst performer in the class during the previous day. The daily price chart of Litecoin below illustrates.

LTC

Litecoin Technical Analysis

The first thing we should note is that Litecoin is now close to its 20 and 50 day moving averages, which may act as price barrier for the asset. 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. Traders will also want to note, though, that a counter trend — meaning a trend going down — can be seen on the 14 and 30 day timeframes. So if you expect the primary trend to resume, the counter trend may be providing an opportunity to buy dips. For additional context, note that price has gone down 6 out of the past 10 days.

Overheard on Twitter

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

  • 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.