Litecoin was designed to provide fast, secure, low-cost payments by using the unique properties of the blockchain. The cryptocurrency was modeled off of Bitcoin (BTC) but had a few differences in the hashing algorithm, hard cap, block transaction times, and a few other characteristics. Its low transaction fees and fast block time make Litecoin ideal for microtransactions and point-of-sale payments. Let us look at the technical analysis for LTC.
On the 28th of July, the trade opened at $134.77, and on the 5th of August, the trade closed at $143.44. There is an approximate increase of 6.43% in the trading price in this period. In the last 24 hours, LTC has traded between $136.48-$147.37.
Currently, the RSI indicator is at 60%. It faced rejection at 52% and rose to this level. Thus, buying pressures are slowly mounting. We have to wait and watch to see if buying pressures become strong enough to bring about a bearish trend reversal.
On the daily chart, the MACD and signal lines are in the negative zone. However, a bullish crossover by the Signal line over the MACD line has occurred. Thus, the overall market momentum seems bullish for LTC.
On the daily chart, the OBV indicator is upward sloping. Thus, buying volumes are higher than selling volumes. High buying activity will exert upward pressure on the LTC price.
The current trading price is above the Fibonacci resistance level of $141.64. However, If the bears remain strong till day end, then the price is likely to fall below the first, second, and third support levels of $168.81, $166.46, and $164.57, respectively.
However, on the upside if the resistance of level $141 is broken it will highlight the next resistance at $140, which can be kept as the target for the long call.
The indicators suggest a bullish trend for today as the price has also increased by 3.35% in the last 24 hours. The buying pressures are high. Net network growth is also a positive sign, which suggests that the momentum is in the pulse of the true growth of the token's underlying network. Thus, We can expect a bullish trend for tomorrow as well.