Crypto Technical Analysis

Litecoin Technical Analysis: LTC Price Primed for a 20% Upswing This Month

Key Takeaways:

  • The Litecoin(LTC) price closed the previous day’s trade at INR 3933.67 with a market capitalization of INR 272.75 billion and a circulating supply of 70 million LTC
  • The asset after withstanding a 5% plunge, rebound finely by jumping 7.8% in the early trading hours and further aims another 10% surge at the earliest
Current Price INR 3888.91
Market Cap INR 276.47 billion
Circulating Supply 70,714,356.28 LTC
Max Supply 84,000,000 LTC
Vol (24H) INR 35,566,205,063
Change (7D) -3.16%

Convert LTC Price in INR 

Litecoin Technical Analysis for July 2022

Technical Analysis at a Glance

Short-Term The LTC price after rebounding from the bottoms may undergo a minor pullback due to exhaustion of the buying volume 
Mid-Term The asset had maintained a parallel consolidation for a pretty long time which is expected to break down back to June lows soon
Long-Term In contrast, the asset appears to be preparing for a strong rebound as selling pressure appear to have eased significantly

Additional Read: LTC Price Prediction

Impact of Crypto Crash on LTC Price

Lite version of Bitcoin, popularly called Litecoin has been heavily impacted by the ongoing bearish market trend.  Similar to the other tokens, the LTC price ignited a bearish trend much before the crypto crash. The token underwent a 65% drop and was consolidating heavily around the lower support around INR 7700. However, the crypto crash of 2022 dragged the price by another 55% to hit the lower levels around INR 3200.

On the other hand, the traders within the Indian Sub-continent are fighting an additional battle with the newly imposed tax regime. According to the policy, the traders will be imposed a hefty tax of 30% on the profits incurred while loss is not a constraint. Moreover, 1% TDS imposed on all the transactions is not less than a nightmare for the intraday traders. Hence the crypto masses are trying very hard to cope with the current situation while the exchanges are also facing a dried volume.

Read more on 30% Crypto Tax & 1% TDS on Crypto

Technical Indicators & Pivot Levels

Indicator Value (STF/HTF) Action (STF/HTF)
Relative Strength Index(RSI) 44.97 / 32.37 Sell / Sell
MACD -40.75 / -1911.18 Sell / Sell
Average Directional Index(ADX) 26.11 / 46.04 Neutral / Sell
Ultimate Oscillator 63.56 / 42.70 Buy / Sell
Bull-Bear Power -131.72 / -2262.36 Sell / Sell

Pivot Levels

Moving Average Short Term Long Term
MA 5 INR 4233.15 INR 4443.25
MA 10 INR 4218.57 INR 4890.90
MA 20 INR 4314.18 INR 6840.65
MA 50 INR 4348.73 INR 10553.48
MA 100 INR 4463.00 INR 10742.51
MA 200 INR 4533.88 INR 7554.33

The Litecoin price amid the current bearish trend signals the continuation of the strong descending consolidation. Most of the indicators in all the time horizons are pretty bearish and indicate the possibility of testing the lower support again. RSI, MACD, ADX, and Bull-Bear power, all are bearish in both the rime frames. Moreover, the asset is less volatile which eradicates the prospect of a strong rebound or a bull run.

Check latest LTC INR Price, Charts, and Data.

Litecoin Technical Analysis for Short Term

LTC Price

Source: Tradingview

  • The LTC price with the recent price action is trading within a symmetrical triangle, but pretty much distinct from the apex of the consolidation
  • The asset rebounded firmly from the lower support a couple of hours before but eventually may revisit the same support during the late hours of trade
  • However, the trade within the triangle may continue until the month-end where-in the asset may reach the apex to decide the next leg
  • If the price breaks out from the triangle, then it may regain the levels above INR 4000 and also try to reach the crucial resistance at INR 4700
  • Conversely a breakdown may drag the LTC price to INR 3700 if failed to hold at these levels, the drop may be intensified to hit INR 3200

Litecoin Technical Analysis for Long-Term

LTC Price

Source: Tradingview

  • The long-term forecast is notably bullish as the price is heading towards the apex of the falling wedge
  • The LTC price may revisit the lower support close to INR 2000 or levels just above and finally pull a massive leg up 
  • The breakout from these levels may lead the price beyond INR 5000 initially and later attempt to regain the levels beyond important resistance at INR 8000
  • Here, the LTC price may tumble to some extent but after a minor correction the upswing may assist the price to trade close to 5-digit figure before the end of Q3 or mid Q4.

Additional Read: Best Penny Cryptos in 2022

Where & How to Buy Litecoin(LTC)?

Looking out for the best platform to buy Litecoin? Here it is, CoinDCX which is India’s leading crypto exchange.

To register, just download the CoinDCX crypto app on your smartphone and enter all the details for a smooth and fast verification. Later you can fund your wallet and buy MATIC. Investing is much simpler with the newly launched Crypto Investment Plan (CIP) where you can invest in easy weekly installments.

Therefore, start investing in Bitcoin & other cryptos with Crypto SIPs now!

Prices as of 14th July, 2022

FAQs

Is Litecoin bullish or bearish?

Litecoin is bullish in all the time frames aiming to secure the immediate resistance at the earliest.

What is the current RSI for LTC?

The RSI for short-term is 44.97 while in the long-term is 32.37.

Is it a good time to buy Litecoin?

Litecoin’s strength is coiling up and displaying a potential to embrace a firm upswing to hit 5-digit figures very soon. So it could be a good time to buy Litecoin.


Disclaimer: The above views, information represent the independent views of Primestack Pte. Ltd, Neblio Technologies Pvt. Ltd, and/or their affiliate entities and are for informational/ educational purposes only. The content, information or data provided above is not an offer, or solicitation of an offer, to invest in, or to buy or sell any interest or shares, digital assets/ cryptocurrencies or securities, or to participate in any investment or trading strategy. Any statement or communication made above shall not be treated as legal, financial, investment or tax advice by the reader. The calculations, data, risk-return formulations, performance or market capitalization indicators captured above are based on the independent data sourcing including collation of public information and/or analysis performed by analysts, advisors or employees of Primestack Pte. Ltd/ Neblio Technologies Pvt. Ltd and/or their affiliate companies and/or any third party. Past performance is not indicative of any future results. The reader(s) are hereby advised to consult their financial/ legal/ tax advisor(s) before making any investment.


 

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