One of the oldest and largest participants in the crypto ecosystem is LTC, who has earned its place by promising to become the silver of cryptocurrencies. Today Litecoin remains alive and defending its place in the market, and if you want to know where its price can go, you should check out this analysis and forecast.
At the time of this writing, LTC is trading at $ 176.60, accumulating a gain of 8.90% in the last 24 hours. Thanks to a market capitalization of $ 11,651 million, it is the 12th largest in the crypto market.
Litecoin fundamental analysis
The first thing we should focus on when analyzing this cryptocurrency is if it is managing to offer what it has always promised, lower and faster rates than its direct competition (BTC).
With an average cost of fee per transaction on this network of $ 0.024, we see that one of the main promises is indeed being offered, which is causing this coin to remain one of the market leaders.
Despite this, a divergence between the peak of transactions that was reached in 2018 compared to that of this year, speaks of an adoption that is not growing with the price, which may be causing problems in the escalation of the price.
This divergence is also seen in the low growth of tweet activity with the hashtag #Litecoin on Twitter. The low social interest of cryptocurrency is another indicator of slow speed in the increase in adoption.
Fundamental review conclusion
The network remains inexpensive and fast, working as a great alternative to congested networks.
However, the slow speed of adoption growth is the main reason why Litecoin is climbing so slowly in price, when compared to other projects such as ETH, BTC, or BNB.
Even so, we are facing one of the longest-lived and most resistant cryptocurrencies in time. Its usability is still valid, and we will hardly see it disappear from the ecosystem in the short term. Most likely, you will continue to go with the general flow of the market.
Now, let’s find out where the price is most likely to move in the near future.
LTC technical analysis
From the daily price chart, we see how LTC has been closing in a lateral range, shaped like a symmetrical triangle.
This type of chart formation generally indicates a break before continuing to the most recent previous direction, in this case it would be bearish.
However, having formed on a fairly relevant support, and there is a greater upward trend, it could mean the bottom of the fall.
Either way, all you have to wait for is it to slip off either end to confirm a longer directional move.
Escaping above (most likely scenario) would lead to minimum purchases up to $ 210.74. Crossing this level is a good sign that the higher uptrend is being resumed.
Losing the diagonal support, would lead to sales to a minimum of $ 147. And in case of going further, the next level is at $ 122.44, a level that would hardly be lost, due to the great rejection of the intentions that recently reached it.
When we do an analysis of the monthly graph of Litecoin, we observe that the fall of the month of May and the current month, still seems to be signifying a simple necessary correction.
A big uptrend seems to be still in development. After long years of retracement and lateralization, now the bull cycle can carry the LTC price much higher.
Most likely at this point, the recent slide bottomed out at $ 118, ushering in a new momentum in search of the $ 635 low, should resistance near $ 380 not be an obstacle for long.
If the upward cycle of the crypto market is still ongoing, this scenario is quite feasible. If not, the double top at $ 380 could be starting a big correction in the coming months, something that is still highly unlikely.
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