Following the progress of Litecoin (LTC) in the cryptocurrency market, it seems that the digital currency has increased in the long run by recording the trajectory of the rising value in the last days without showing any stop sign. This is the main reason why many investors and traders are examining virtual currency to try and predict prices before the end of the year.
Before continuing, it is crucial to understand that Litecoin (LTC) is much more similar to Ethereum and Bitcoin than one might expect. Only by understanding their shared attributes and characteristics is when you will be able to predict its value and its price easily (and close to perfection).
At present, although it is very resistant to the level of 77 US dollars, Litecoin is increasing with signs of price increase compared to Bitcoin (BTC) and US dollar. The virtual currency is facing much resistance at the value of 77 US dollars.
Currently, Litecoin (LTC) trades at US $ 74.9 after an appreciation of the price of 1.09% in the last 24 hours. As for its market capitalization, Litecoin boasts an impressive market value of 4.32 billion dollars with a trading volume of over 271.6 million in the last day.
Litecoin (LTC) Analysis and price movement
While taking the market Suddenly with much good news, Litecoin (LTC) has had several price declines recorded below the level of the US dollar against the US dollar.
Litecoin (LTC) depreciated below the support level of $ 75 US and further declined to a new significant level of support of $ 72.50. From the virtual currency chart, the price of Litecoin (LTC) found offers close to 72.5 US dollar and began to correct higher.
Despite the adverse movements, the virtual currency managed to overcome the resistance level of 74.5 US dollars by breaking the Fibo 50% retracement level of the previous swing from a maximum of 78 US dollars at a low price of 72 US dollars. Litecoin (LTC) also traded above the level of $ 76 US and the 100-hour SMA.
Notwithstanding, Litecoin (LTC) has faced opposition to the level of 77 US dollars and the Fibo retracement brand of 76.4% of the former high and low fluctuation of 78 US dollars and 72 US dollars respectively. Moreover, with a resistance level of 77 US dollars, it appears that the formation of a critical bearish trend line could be developing.
If Litecoin (LTC) manages to surpass its immediate support level of 74.5 US dollars, the valuation of the price of virtual currency is likely to test the support area of 72.50 US dollars.
On the other hand, if Litecoin (LTC) manages to break the resistance level of 77 US dollars, it could open the door to more good news and gains towards the long-awaited price level of 100 US dollars and more .
Virtual currencies could benefit greatly from dosing reviews and positive comments in supporting their rallies from the previous month. A lack of positive news and reviews is likely to bring down another cryptocurrency that could lead to huge losses everywhere. Cryptocurrencies like Litecoin (LTC) should strive to continue to maintain their ecological performance by providing members of the cryptocurrency community with reasons to invest and exchange their virtual resources.
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