- On Monday, Litecoin is trading with a bearish bias at $220, losing around 0.71% so far.
- Litecoin price prediction is bullish above an upward trendline support level of $224 level.
- Forex trading participants may look for a buy trade above the $216 level to the target of $233 and $245.
On Monday, Litecoin is trading with a bearish bias at $220, losing around 0.71% so far. The LTC/USD pair maintained its previous-week winning streak and hit the intra-day high well above the $230.00 level. If you are wondering what to expect and where to buy LTC, let’s find out below…
Litecoin Price Review
The LTC/USD pair is currently hovering at $220.124. Litecoin dipped towards the $175 level during an early trading session but failed to generate notable gains. It tried to push upward toward the daily high at the $232.270 level.
However, the massive bullish movement was supported by the positive sentiment in the cryptomarket. This happened after the BTC price broke the critical $50,000 resistance zone against the US Dollar. Bitcoin might soon clear the $52,000 resistance.
Institutional interest in Litecoin is on the rise.
The institutional interest in Litecoin is on the rise, which also played a significant role in supporting the LTC coin. It looks like LTC might be standing independently as institutions and retail investors alike are starting to see potential in it.
Litecoin’s price is currently trading at $226.73, with a twenty-four-hour trading volume of $3,679,692,132. Litecoin is up by 6.64% in the last twenty-four hours.
The crypto market has been flashing green since the week started as the BTC price formed a support base near the $49,500 level and started afresh rise. BTC even broke the critical $50,000 resistance zone and the 100 hourly simple moving average to move into a positive area.
Oil Producers and Bitcoin Miners Meet In Texas
The upticks have appeared after oil producers, and Bitcoin miners met in Texas to discuss cooperative mining possibilities. Some oil producers and bitcoin miners gathered last week. In Texas, they discussed the possibility of on-site mining that Texas energy producers could bring to them. The gathering acted as a meeting point for these options to be discussed.
Natural gas pockets discovered on site are generally burned by oil wells that aren’t big enough to build pipelines into their operations. Thus, these positive developments tend to have a positive impact on the cryptomarket.
Weakness in the dollar supports LTC/USD
On the other hand, the gains in the LTC coin could be capped by the stronger US dollar. The broad-based US dollar maintained its early-day upward rally on the USD front but remained near a one-month low after traders deferred expectations of when the US Federal Reserve will start asset tapering. However, the reason behind its modest gains could be associated with the risk-off market mood, which tends to underpin the safe-haven demand for the dollar. In that way, the gains in the US dollar held the LTC gains.
Litecoin Price Prediction- Technical Levels
Support Resistance
217.70 239.77
203.10 247.25
195.63 261.84
Pivot Point: 225.17
LTC/USD Upward Trendline Support at $223- Where to Buy LTC?
Litecoin price prediction is bullish above an upward trendline support level of $224. In the 4 hour timeframe, Litecoin is gaining immediate support at the $223 level, which is extended by a 23.6% Fibonacci retracement level. At the same level, the 50 days EMA (exponential moving average – red line) supports the pair.
On the bearish side, a breakout of the $216 level could extend the selling trend to the $207 and $191 levels. On the bullish side, the breakout of the $233 level could lead Litecoin towards the $255 resistance area.
The lagging indicator 50 EMA supports bullish bias, while the leading technical tool supports a selling trend in Litecoin. Thus, Forex trading participants may look for a buy trade above the $216 level to the target of $233 and $245. Alternatively, a sell-stop below $214 can help capture an excellent selling trade with a target of $207 and $199 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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