In the cryptocurrency market BitcoinWith the depreciation of , altcoins also showed a similar price movement. Bitcoin, which has fallen by about 1% today, is trading at $59,120. It is being commented that this level in BTC is a sign of increasing selling pressure in the market. However, Litecoin (LTC) showed a remarkable performance by recording a 4.89% increase during the day despite the negative picture and was among the biggest gainers of the day.
Should You Invest in Litecoin?
Litecoin’s sudden rise has caused investors to wonder “Now Litecoin“Is it the right time to invest in?” raises the question. So, will Litecoin be able to continue its rise? Or is this rise just a short-term fluctuation? A Prize Pool Worth 21 Million TL Awaits You from BinanceTR! Participating and winning has never been easier.. You can sign up to BinanceTR from this link. Get your first crypto!
Litecoin’s price has corrected by 2.32% in the last week and 8.01% in the last month. With a loss of 9.87% since the beginning of the year, Litecoin ranks 19th among cryptocurrencies with a market value of $4.938 billion. Despite the negative performance, Litecoin’s price action during the day points to the potential to test an important resistance level.
Litecoin Technical Analysis
When we look at technical analysis, the 50-day EMA (Moving Average) indicator on the Litecoin price chart has been a strong resistance point since June. The resistance point shows that Litecoin is still under strong selling pressure in the general market. However, a sharp increase in the Relative Strength Index (RSI) draws attention and is considered a signal that the buying pressure in the market may increase.
If the Litecoin price continues its current momentum, it is expected to test the resistance level at $67.40 in the coming days. If it manages to break this level, Litecoin may rise to $78.80. However, if a sell-off begins in the market, there is a risk that the Litecoin price will fall back to the critical support level at $55.75.
Since Litecoin is currently at a critical point, investors should pay close attention to the price movement of this altcoin in the coming days. Whether the rise will continue or whether there will be a correction will depend on the general dynamics of the market and investors’ buying and selling decisions. It is especially useful to follow the sharp movements that will occur in Bitcoin.
Disclaimer: The information contained in this article does not contain investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
