- The volume of Litecoin traded in the 24-hours to the time of writing was $9.129B, or 6.93% of the total volume of all cryptocurrencies.
- Litecoin price forecast remains slightly bullish above 50-days EMA (exponential moving average – red line) at $180.
- Forex trading participants may look for a buy trade above the $178 level to target $189 and $197.
On Wednesday, the LTC/USD is trading with a neutral bias at 184.85, facing immediate resistance at 189.15. The day before, the LTC/USD coin pair maintained its early-day bullish moves and recovered some losses while hitting the 183.261 level. Litecoin price prediction remains slightly bullish above 50-days EMA (exponential moving average – red line) at $180.
The LTC/USD pair was trading at $180.99 on Wednesday, up 0.81% on the day. Litecoin had traded in a range of $176.204 to $183.261 in the previous 36-hours. Litecoin has seen a decline in value, as it lost about 13.38% over the past 7-days.
LTC/USD Price Updates in Real-Time
The volume of Litecoin traded in the 24-hours to the time of writing was $9.129B, or 6.93% of the total volume of all cryptocurrencies. It has traded in a range from $169.6464 to $233.8136 in the past seven days. The Litecoin price is currently trading at $180.670 with a twenty-four-hour trading volume of $3,271,739,115. Litecoin has been up by 0.81% in the last twenty-four hours.
However, the renewed buying pressure surrounding LTC prices was mainly sponsored by the upbeat crypto market mood. The bullish bias in Bitcoin prices attests to this. The Bitcoin price started a fresh increase above the $46,000 resistance against the US Dollar.
Bitcoin is now back above $47,000, but it is facing hurdles near $47,600. Thus, the bullish bias in the world’s largest cryptocurrency positively impacts other cryptocurrencies, including Bitcoin. Furthermore, the price upticks in LTC were further bolstered by the weaker US dollar. The broad-based US dollar failed to extend its early-day bullish moves and turned sour during the European trading session.
Weaker Dollar Underpins LTC/USD
The US currency remained within tight ranges as the latest US inflation data raised doubts that the Federal Reserve would begin asset tapering in 2021. So, the prevalent declines in the US dollar help the LTC/USD coin pair stay bid.
On the other hand, the gains in the LTC coin could be capped by the fake news, which appeared earlier this week. The fake news of a partnership between Litecoin and Walmart manipulated many traders.
As per the latest report, Walmart Inc. began an investigation regarding a piece of fake news that spread through news release distributor Globe Newswire claiming that the company had secured a partnership with the Litecoin Foundation to accept the cryptocurrency. This fake news had a limited impact on Walmart’s stocks.
As a result, Litecoin (LTC) suddenly spiked, only to crash with the same intensity. Due to this, someone made much money with that move, causing significant damage to investors.
Litecoin Price Prediction- Technical Levels
Support Resistance
176.934 187.734
170.667 192.267
166.134 198.534
Pivot Point: 181.467
LTC/USD Price Prediction – Brace for a Choppy Session’s Breakout
Litecoin price prediction is bullish bias at 185.96 level gaining immediate support at 50 days EMA (exponential moving average) of $176. In the 4 hour timeframe, Litecoin is gaining immediate support at the $171 level. It’s extended to a double bottom pattern level.
On the bearish side, a breakout of the $162 level could extend the selling trend to the $162 and $157 levels. On the bullish side, the breakout of the $188 level could lead Litecoin towards the $197 resistance area. This resistance level marks 50% Fibonacci retracement levels.
Further on the higher side, the crypto pair is likely to go after the next resistance level of $205, which is being extended by a 61.8% Fibonacci retracement level.
The lagging indicator 50 EMA supports bullish bias and the leading technical tool Stochastic RSI, suggesting a bullish trend in Litecoin. Thus, Forex trading participants may look for a buy trade above the $178 level to target $189 and $197. Alternatively, a sell-stop below $175 can help capture an excellent sell trade with a target of $171 and $164 levels. All the best.
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