Connect with us

Price Analysis

Litecoin (LTC) Shows Recovery Above $150: Is LTC Going to $200?

Published

on

Litecoin-price-analysis

LTC has been showing signs of recovery since early December.  The price has been in a tight range between $142 and $166. A breakout in any direction will provide a clear direction to follow. However, range traders can benefit from this range until it’s broken.

Litecoin’s specialty is its transaction processing speed and minimal costs. Transactions in Litecoin are often verified in minutes, and transaction costs are low. This makes it an appealing alternative to Bitcoin in developing nations, where transaction fees may be a determining factor in selecting which cryptocurrency to support.

Key Takeaways (LTCUSD)

  • Litecoin is doing a fantastic job in terms of acceptance and social presence. Presidio Property Trust, a real estate investment trust established in the United States, has announced that it would accept Litecoin for commercial tenant payments.
  • Furthermore, Litecoin card-based payments have hit the 50 million retailers mark globally. This comes barely a month after establishments equipped with Verifone devices began taking bitcoins as a form of payment.

Price Analysis of LTCUSD

Fear & Greed Index: 40, Fear

All-time High: $412.96

ROI: 3535.4%

7d change: 6.23%

Market Cap: $10,831,630,913

Circulation Supply: 69,281,232 LTC

Total Supply: 84,000,000 LTC

Monthly Chart Breakdown of LTCUSD

LTCUSD Price analysis

Source: TradingView

The LTC market was in a decline since the big November pump, but after that, the market bounced from $140 in early December. If the price continues its current direction, we might see LTC around $230 in the coming year. On the other hand, a break and monthly close below $100 might push the market to decline towards $50.

Weekly Chart Breakdown of LTCUSD

LTCUSD Price analysis

Source: TradingView

LTC market is following a rising trendline on the weekly timeframe. We can see the price testing, the support of $140, and the rising trendline.

Daily Chart Breakdown of LTCUSD

LTCUSD Price analysis

Source: TradingView

After a bullish divergence around $140, the market broke out of the falling trendline has made a new higher high. We could see a further move towards $200 in the coming days.

1 Hour Chart Breakdown of LTCUSD

LTCUSD Price analysis

Source: TradingView

LTC market is in a range between $142 and $146 on a 1h timeframe. For a clear direction, a breakout above or below this range might open the doors of opportunities. However, range trading strategies could also be beneficial for LTC right now.

Final Thoughts

Crypto investors are hopeful that 2022 will bring them a fortune in the markets. But, we’ll have to wait and see, if LTC can recover the decline of the last quarter of 2021.

I have been in financial markets since 2013. With a diverse experience of different asset classes, I trade and create educational content for Crypto, Forex and Stock Markets.

Trending