- Despite recent market volatility, Litecoin’s price is indicating a brewing recovery rally, and its market cap has surged to $6 billion, securing its position as the 12th largest cryptocurrency.
- The altcoin’s performance so far this year bolsters this outlook, with its value having risen by around 15%, and its one-year record showing a 90% climb.
Litecoin (LTC), a prominent fork of Bitcoin (BTC), is showing indications of a promising recovery rally after a steep decline in early June. Despite an overall bearish cryptocurrency market, LTC has held its ground, with its market cap now reaching $6 billion. This fortifies Litecoin’s position as the 12th most significant cryptocurrency on CoinMarketCap, despite enduring a recent bear market.
Interestingly, LTC has managed to avoid any entanglements with the US Securities and Exchange Commission (SEC), and it remains one of the few high-market capitalization tokens not labeled as a “security” by the financial watchdog. This distinction could have significant implications for Litecoin’s future, especially in a tightening regulatory environment.
The technical analysis of the LTC/USDT trading pair shows a potential trend reversal, with the Litecoin price recently touching the upper boundary of the demand zone. In layman’s terms, a demand zone is an area where traders buy the asset, leading to increased buying pressure that could potentially fuel a northward rally.
The Litecoin price remains bullish overall, and it appears to be on the verge of a swift direction change. Despite a nearly 20% drop since the start of June, Litecoin is still up an astonishing 90% compared to a year ago and has increased by around 15% since the beginning of the year.
>> Buy Litecoin quickly and securely with PayPal, credit card or bank transfer at eToro with low fees and deposit protection. Get started with LTC now. Visit Website <<
Looking at the Relative Strength Index (RSI), a widely used momentum indicator, LTC’s position at 33 suggests that the asset is close to being oversold. This often leads to a price rebound as traders “buy the dip.”
Nevertheless, if selling pressure outstrips buying demand, the Litecoin price could break past the demand zone, effectively invalidating it. This could lead to a decrease in Litecoin’s price to the psychological level of $60.00, or in a worst-case scenario, to $50.00.
However, in the midst of market uncertainty, Litecoin seems to be forming a symmetrical triangle pattern, often a precursor to significant price movements. Despite current bearish signals, LTC’s price dynamics suggest the possibility of a substantial shift in the asset’s price, with the potential to maintain its long-term uptrend. The key is to uphold the crucial support level at $65 and to break through the resistance area in the $100 to $105 range, signaling the start of a new bull market.
Best Crypto Exchange for Everyone:
- Invest in Litecoin and 70+ cryptocurrencies and 3,000 other assets.
- 0% commission on stocks – buy in bulk or just a fraction from as little as $10.
- Copy top-performing traders in real time, automatically.
- Regulated by financial authorities including FAC and FINRA.
2.8 Million Users