Currently, Litecoin [LTC] which is the market’s seventh-biggest cryptocurrency is giving the market green hopes, with the cryptocurrency going up by 1% in the past 24 hours, according to CoinMarketCap. The coin has a trade volume of $268 million, a market cap of $3 billion and was trading at $52.68
The one-hour price chart reveals that the immediate resistance is at $52.55, while there is a strong resistance at the $53.03. The support level of the coin is at $51.49 and the next support could be at $51.36, if this support level is broken.
A bearish weather was revealed by the Chaikin Money Flow indicator with the line taking the downward slope. This tells us that the money is flowing out of the market.
The market’s high volatility was shown by the Bollinger Bands, as the bands separate from each other, paving the way for the prices to show its movement in the market.
Soon, the market will experience a bulls race. This was revealed by the Parabolic SAR having aligned below the candlesticks.
A strong resistance level at $176 was revealed in the one-day price chart, which was set in May 2018. Currently, the immediate resistance has set its bar at $67.76. The $50.54 mark currently supports the coin which also the bottom line for the coin since it attained its all-time high in December 2017.
A sideways movement was seen in the RSI indicator, with the coin neither crossing the bottom line nor the upper benchmark. This tells us that the buying pressure and the selling pressure are evening out each other in the market.
Soon, a bullish movement might happen. This was revealed by the MACD indicator as the lines were close to meeting at a point, and the reading line trying to take over the signal line.
The Klinger Oscillator revealed that the reading line was in contact with the signal line and close to surpassing it, predicting the rule of the bull in the market.
Litecoin (LTC) is an open source software project and a peer-to-peer cryptocurrency released under the license of MIT/X11. It utilizes an open source cryptographic protocol for creating and transferring coins and is not controlled by any central authority. Litecoin was an early bitcoin spinoff or altcoin, starting in October 2011. Technically, Litecoin is almost identical to Bitcoin.
Rather than Bitcoin’s 10 minutes of processing a block, The Litecoin Network is focused at doing this every 2.5 minutes. The developers claim that this allows Litecoin to have faster transaction confirmation.
In its proof-of-work algorithm, Litecoin utilizes scrypt, a sequential memory-hard function requiring asymptotically more memory than an algorithm which is not memory-hard.
Due to Litecoin’s use of the scrypt algorithm, FPGA and ASIC devices made for mining Litecoin are more complicated to create and more expensive to produce than they are for Bitcoin, which uses SHA-256
Very soon, the coin might witness the bull’s rage, with the support of Klinger Oscillator and MACD in the one-day analysis and Parabolic Sar’s in the one-hour analysis.