Is it still a good time to enter Litecoin (LTC)? According to intotheblock.com’s Litecoin (LTC) and on-chain metrics as of press time, 92% of holders are making money at current prices, with a centralization of around 49% of large holders. The Litecoin network also maintains a “BBB” token insight rating and believes the network is stable at 98.1697%.
Although the correlation with Bitcoin is 0.84, the LTCBTC price chart below shows that LTC demand for Bitcoin has increased at the time of publication of this report.
Let’s analyze the supply and demand of LTC on the LTCBTC and LTCUSDT price charts.
Litecoin Price Prediction: LTCBTC Monthly Chart
Linking LTC and BTC, the chart above shows regular bullish divergences on a monthly scale, which corresponds to a similar bullish divergence on a weekly basis. Both occur simultaneously and indicate huge demand for Bitcoin’s Litecoin in the coming weeks. pay
Continue reading if you discover important chart patterns and price levels driving the LTCUSDT cryptocurrency pair.
Litecoin Price Prediction: LTCUSDT Weekly Chart
July 19 A hidden bullish divergence formed on July 19, fixing the LTCUSDT support level at $103.80, then transferring control to the bulls and another correction after the price rose about 120%.
21st Sep 27th bear trap pattern fixed higher support. [$129.70] The price broke above the $103.80 floor, followed by a hidden inner candlestick pattern lasting five weeks before the current price surged.
Litecoin Price Prediction: LTCUSDT Daily Chart
After the previous bullish divergence on Sept. 28, Litecoin against USDT resumed its daily intraday bullish divergence and maintained its uptrend by displaying a concealed bullish divergence on Oct 27, with the RSI showing a higher level of 25.
After the price declines, I expect the price to extend into its current uptrend and the RSI value hovering between the 25 and 75 levels in the daily time frame or below the 25 level in the 4 hour frame.
Let’s move one step down to the 4 hour frame.
Litecoin Price Prediction: LTCUSDT 4-Hour Chart
It turns out that the oversold level in the 4-hour frame is a good estimate for higher RSI values than the 25 level in the daily time frame, especially on October 27th and November 08:00, as shown in the figure above. Sunday 6th at 8pm.
However, taking into account the recent high volatility, the RSI has consistently printed high values above 75. It is safe to say that the upcoming market entry signal will be triggered by the oversold level within the 1HR timeframe and is below the Stop Loss order which is a safe distance from the entry level.
The current bullish outlook for the LTCUSDT cryptocurrency pair across multiple timeframes could continue through Q421 as LTC sees higher demand for Bitcoin BTC (the largest cryptocurrency asset).
Information Source: Compiled with 0x information in COINGAPE. The copyright belongs to the author, and unauthorized reproduction is prohibited.
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