Litecoin (LTC) Price Analysis: After a Bit of Strengthening Yesterday, The Crypto Again Went in The Red Zone

 Litecoin (LTC) Price Analysis: After a Bit of Strengthening Yesterday, The Crypto Again Went in The Red Zone

Meta Data: The crest and turf formation continued in Litecoin today as well. As of now, one should stay away from LTC in the short term.

With CoinGate wallet, now, you can accept Litecoin for your goods and services. Additionally, it has Lightning Network support for LTC.

Current Statistics of Litecoin (On August 27, at UTC 10:41):

  • The trading price of Litecoin (LTC) was around $72.74.
  • Against Bitcoin, the crypto was valued around 0.00714561 BTC per chip.
  • With a return on investment of 1,602.47%, the market rank of Litecoin is 5th in the crypto chart at present.
  • Additionally, the market capitalization of the digital coin was 4,620,838,043 USD.
  • On top of that, the last 24-hour trading volume of the altcoin is 2,602,470,884 USD.
  • Again, the total LTC chips circulating in the market, at the time of writing, was 63,123,237 LTC.

LTC to USD Price Comparison:

Litecoin’s action is full of ups and downs. It started trading on August 22 with a bit of strengthening and went up by 3.7% to $73.83 from $71.19. Afterward, the coin showed a stable movement for some time. In the second half on the next day, i.e. on August 23, the altcoin made a bounce-back of 4.54% and touched the $75.93 mark. But, in the early morning on August 24, the digital coin declined by 4.81% to the level of $72.04. The action in crypto remained stable for a couple of hours, at that level. However, in the next series of up-down-up sequence, the coin first hiked by 3.8%, then went down by 5.29%, followed by a strengthening of 6.15% to climb back to the level of $75.17. Since then, the coin has been trading around those level with an overall decline of 3.84%.

Litecoin Price Prediction:

Yesterday, Litecoin made some positive movement toward the upper side of the chart, but the positive sentiments have faded away in today’s trading. For now, the immediate support for Litecoin is at 72.06 USD, and the resistance is at 74.24 USD.

Conclusion:

The action in Litecoin is mimicking the movement of BTC. If LTC is compared against BTC, there is a cumulative growth of 0.24% in the crypto. So, it is the market that is dragging the coin with itself.

Harold Sanders

Harold Sanders is a seasoned writer with over two years of experience writing about blockchain and cryptocurrencies. Harold's passion for Litecoin bloomed in late 2016 and he hasn't looked back since. Cryptonews technological and economic implications are what interest him most.

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