- On Monday, Litecoin is trading with a neutral bias at $170, losing around -4.87% so far.
- Litecoin price prediction is bearish below 50 days EMA (exponential moving average) of $176.
- Forex trading participants may look for a sell trade below the $178 level to the target of $167 and $162.
On Monday, Litecoin is trading with a neutral bias at $170, losing around -4.87% so far. The day before, the LTC/USD closed at $183.200 after placing a high of $186.000 and a low of $175.200. The LTC/USD pair surged for the second consecutive day amid recent favorable developments. If you are wondering what to expect and where to buy Litecoin, let’s find out below…
Litecoin Foundation announced the launch of OmniLite
Earlier last week, the Litecoin Foundation announced the launch of OmniLite. It’s a protocol that would allow developers to issue tokens and NFTs on the Litecoin network. Furthermore, OnmiLite is a decentralized platform that was released on the Litecoin Network to create tokens and assets.
The tokens created via OmniLite can also be considered an extension of Litecoin. Whereas, the transactions from these tokens were recorded on its blockchain. It means all digital assets created via OmniLite benefit from the network advantages that Litecoin has to offer.
Over the years, the rapidly growing and ever-evolving cryptocurrency industry has become a hub of opportunity for builders across the globe. Litecoin is considered one of the most enduring alt-coins over the past decade.
The creation of OmniLite will also facilitate the creation of stablecoins on top of the Litecoin blockchain. The developers of Litecoin might want to take advantage of the significantly cheaper transaction costs Litecoin has to offer while other networks. Moreover, Bitcoin and Ethereum have been experiencing saturation issues.
Furthermore, since the price of Litecoin is correlated to Bitcoin, and since bitcoin is experiencing a series of favorable events in the market. Its prices are surging day by day, the price of Litecin also followed the trend surged on Sunday.
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 Set to Target $162 – Where to Buy LTC?
Litecoin price prediction is bearish below 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 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 $176 level could lead Litecoin towards the $181.467 resistance area. This resistance level marks 38.2% Fibonacci retracement levels. Further on the higher side, the currency pair is likely to go after the next resistance level of $189, which is being extended by a 50% Fibonacci retracement level.
The lagging indicator 50 EMA supports bearish bias and the leading technical tool Stochastic RSI, suggesting a selling trend in Litecoin. Thus, Forex trading participants may look for a sell trade below the $178 level to the target of $167 and $162. Alternatively, a buy-stop above $178 can help capture an excellent buy trade with a target of $189 and $197 levels. All the best.
Where to Buy Litecoin?
You can buy it on eToro. It’s one of the trusted exchange platforms in the crypto space. eToro supports copy trading, which allows new traders to learn from market experts. eToro also charges low trading fees and commissions.
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