Litecoin (LTC) Price Analysis—Can the "Digital Silver" Enter the Top 5 Coins Soon?

Can Litecoin (LTC) retest $60 before further growth?

article image
Cover image via

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of CryptoComes. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

The bullish mood has remained on the market since the weekend as Chainlink (LINK) is the only coin from the Top 10 list that is located in the red zone.

Top 10 coins by CoinMarketCap
Top 10 coins by CoinMarketCap

Meanwhile, the market share of Bitcoin (BTC) has declined by 2% over the last week and is now 57.8%.

BTC’s market share
BTC’s market share

The relevant Litecoin data today:

  • Name: Litecoin

  • Ticker: LTC

  • Market Cap: $4,059,570,483

  • Price: $62.12

  • Volume (24h): $2,655,226,537

  • Change (24h): 1.54%

The data is relevant at press time.

LTC/USD: When can bulls reach the $65 mark?

Litecoin (LTC) is no exception to the rule as the rate of the "digital silver" has also risen over the last day. The growth has accounted for 1.54%, however, the price change over the last week has been -0.15%.

LTC/USD chart by TradingView
LTC/USD chart by TradingView

On the hourly chart, Litecoin (LTC) has entered a short-term correction period as bears have seized the initiative, which is confirmed by a high selling trading volume and low liquidity. In this regard, the drop may last to the closest support at $60.81 and may be attained by the end of the week.

LTC/USD chart by TradingView
LTC/USD chart by TradingView

On the daily chart, Litecoin (LTC) is bullish as the last candle has confirmed the presence of buyers and their attempt to keep rising in the long term. Thus, the lines of the MACD indicator are about to enter the green zone which will indicate the end of the bearish cycle. The main target in this case is the resistance above $63.

LTC/USD chart by TradingView
LTC/USD chart by TradingView

On the weekly time frame, the long-term bullish trend has just begun. The buying trading volume is increasing which means that bulls have not reached their main targets yet. The Relative Strength Index is not in the overbought zone, considering the high chances of seeing the rate higher. If that happens, the main target is around $84.

Litecoin is trading at $61.36 at press time.

In this Telegram channel you’ll find fresh news, interviews, infographics, forecasts & other helpful stuff. Join CryptoComes's channel.

article writer image
Denys Serhiichuk

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing & ICO Advisory, ATB Coin, and others, can be contacted at [email protected]