Litecoin

Daily

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/litecoin-price-analysis-a-closer-look-at-market-trends/" data-wpel-link="internal">Litecoin Price Analysis: A Closer Look at Market Trends</a> 
While the rise in the cryptocurrency market pleases investors, a segment of crypto assets continues to stagnate. <a href="https://coin-turk.com/iste-ltc-fiyatini-bekleyen-sey-litecoin-halvingi-gerceklesti" data-wpel-link="internal">Litecoin</a> (LTC) price is above the long-term support level but continues to trade within a short-term bearish formation. LTC price has been trading without significant volatility for about a year. So, how much longer will this trend continue? 
<h2 class="p1" style="text-align: justify" id="litecoin-weekly-chart-analysis">Litecoin Weekly Chart Analysis</h2> 
The weekly time frame technical analysis shows that LTC has been increasing along a rising support trend line since June 2022. Since August 2023, the trend line has been confirmed six times (green symbols) but has failed to initiate significant bullish movements. The trend line has been in existence for over 620 days. Additionally, the LTC price is trading above a long-term horizontal support area. 
Similarly, the weekly Relative Strength Index (RSI) continues to show uncertainty. Market investors prefer to use the RSI level as a momentum indicator to determine overbought or oversold conditions and decide whether to accumulate or sell an asset. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-317719 size-full" src="https://coin-turk.com/wp-content/uploads/2024/02/ltc-grafik.webp" alt="" width="1807" height="809"> 
<h2 class="p1" style="text-align: justify" id="litecoin-daily-chart-analysis">Litecoin Daily Chart Analysis</h2> 
While the weekly time frame provides an ambiguous reading, the daily chart continues to show a downtrend due to LTC price movements. Since September 2023, the movement has been within an ascending parallel channel, indicating that the rise is corrective. 
Significant overlaps within this formation also suggest a corrective increase. Currently, the LTC price is trading at the lower end of the channel, and the RSI has dropped below 50. If LTC breaks out of the channel, it could fall to the next nearest support at $58, a 15% decrease. However, a rise above the channel’s mid-line could trigger a 16% increase towards the $80 resistance trend line. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-317718 size-full" src="https://coin-turk.com/wp-content/uploads/2024/02/ltc-gunluk.webp" alt="" width="1807" height="809"> 
On the <a href="https://newslinker.co/category/social-media/" data-wpel-link="exclude">social media</a> platform X, many cryptocurrency investors and analysts are optimistic about the future trend of LTC. CryptoSurf, shared a long-term fractal with followers, indicating that LTC price has just started a long-term bullish cycle. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-317717 size-full" src="https://coin-turk.com/wp-content/uploads/2024/02/ltc-haftalik.webp" alt="" width="1325" height="604"> 
NebraskanGooner, suggests that LTC price could gain value if it rises above $72. CryptoMoneyKing expresses a similar view. 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/litecoin-price-analysis-a-closer-look-at-market-trends/" data-wpel-link="internal">Litecoin Price Analysis: A Closer Look at Market Trends</a></h5>

Litecoin Price Analysis: A Closer Look at Market Trends

Indice dei contenuti

COINTURK NEWS

Altri articoli pubblicati su 21 feb 2024

Starknet’s STRK Loses Half Its Value Amid Criticism Over ”Sketchiest” Airdrop Issuance And Unlock...

VanEck’s Bitcoin ETF notches 1,400% daily trading volume increase

Do Kwon’s extradition to US approved by Montenegro court

Anticipated Dates for XRP ETF and Ripple IPO

Legal Expert Forecasts 2024 Rebound, Easing 2022 Investor Woes

Congressman Warren Davidson Calls CBDCs an ‘External Threat To Western Civilization’

Iscriviti alla nostra newsletter gratuita per aggiornamenti giornalieri sulle criptovalute!