As like the whole market, it’s not been an exciting day for Charlie Lee’s cryptocurrency, Litecoin (LTC) but yes, we can say a good one. After trading in red for some time, it’s gained 5.08% in the daily market and is up by 14.5% in the weekly one, and it’s trading at $114.7 as we write this Litecoin price analysis.
Earlier yesterday, after going down, LTC featured a significant fluctuation. It went to $111 in about eleven minutes, starting at 20:10 UTC. Then, it took it about 15 minutes to recover in full, bouncing back to $111 plus. After recovering, there’s been no clear trend, but LTC has lost some value for one hour now. Taking last 24-hours into account, it’s been going up at a languid pace.
The Bollinger bands have been narrowing down around the price, which is usually the signal to expect a long period of sideways movement.
But there’s good news. Even though the hourly technical analysis has started to get red, the 24-hour one is green, and the monthly one is still very green indeed. Let’s see the details.
In the daily analysis, the current price is below the pivot point (117.697), and the first resistance level (115.2) but above the second one (111.531) if only barely. This means that the asset is nearing the point in which it could find support from the market, which shouldn’t be too surprising since the current market is 90% of buyers, even if they don’t seem to be making much of a difference. Eight out of twelve mobile averages are cheering for the bulls. And four out of six technical indicators are also green. So if it weren’t clear that LTC is entering a sideways phase, buying would be the way to go.
But let’s try and get a broader perspective by looking at the monthly technical analysis.
The monthly scenario is, indeed, very bullish. The price is above the pivot point (105.454) but under the first resistance level (120.569), which gives this cryptocurrency a lot of space to recover. Every MA is green for LTC in the monthly analysis except for MA20, but when the price reaches $116.7, which could happen in the next few minutes or hours, even that one will turn green as well.
So all things being equal, this is a good day to pass on LTC. It’s a big project that usually does very well, generally imitating Bitcoin’s behavior rather closely. But today it seems it will be stuck in the sideways zone for a while so if you’re looking to make a buck in less than a full day, at the very least, you’d be better off looking for greener numbers elsewhere.
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.