(Last Updated October 22, 2020)
Hello! This is the news page for Litecoin. Below you’ll find our daily market updates. Here’s a technical analysis summary of where things currently stand:
A trend/countertrend situation exists on LTC, in which an uptrend exists on shorter timeframes but a downtrend appears on the 90 day timeframe. As such, traders with short positions should be aware of the downtrend in place on the longer timeframes.
The moving averages on LTC summarize its price action in an interesting way. Of the 20, 50, 100, and 200 day averages — three of them (all but the 50) — are bullish, implying a upward trend, save for a decline that occurred about 2 months ago.
Below is a chart showing LTC’s price with its moving averages.
At the moment, LTC’s price is up $6.2 (13.21%) from the week prior. Moreover, note that this is a reversal of the price action on the previous week, in which price moved down. From a weekly perspective, the market looks fairly choppy; clear trends aren’t showing up on the 5, 10 and 20 week timeframes. Most noteworthy in the world of moving averages on the weekly chart is that the 20 and 50 week moving averages have been crossed, so that price is now turning above them. Looking further out, the moving averages on the weekly timeframe suggest a bullishness in price, as the 20, 50 and 100 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend. The weekly chart below shows LTC’s price action over the past year.
Relative to other instruments in the top cryptos asset class, litecoin ranked 6th since the day prior in terms of percentage price change.
If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe.
Regarding the trend, note that the strongest trend exists on the 100 hour timeframe.
Out of the 7 instruments in the top cryptos asset class, litecoin ended up ranking 3rd for the day in terms of price change relative to the day prior.
For additional context, note that price has gone up 8 out of the past 14 days.
When one holds litecoin, essentially, one is betting on a future where the bitcoin network is so highly utilized that overflow will pour into litecoin.
This move happened on lower volume, as yesterday’s volume was down 19.24% from the day before — and down 15.82% from the same day the week before.
Out of the 7 instruments in the top cryptos asset class, litecoin ended up ranking 6th for the day in terms of price change relative to the previous day.
And for candlestick traders, a special treat: there are doji and pin bar patterns showing up on the charts as well.
Litecoin outperformed all 7 assets in the top cryptos asset class since yesterday.