LItecoin's volatility is different from Bitcoin

in cryptocurrency •  9 months ago 

The price of Litecoin at the time of writing is $69.41. with an All Time High of $412.96 occurring on May 10 2021 and an All Time Low of $1.11 on January 15, 2015.

Litecoin is an open-source payment system with blockchain technology which is a peer-to-peer Internet currency that enables instant, near-zero cost payments to anyone in the world.

If we look at the current Bitcoin and Litecoin price charts, they are very different because Bitcoin is in a strong bullish sentiment, while Litecoin tends to move in a range. At the time of writing Litecoin ranks at 20 on Coinmarketcap

LTCUSD technical analysis

LTCUSD 16 2 2024 D1.png

LTCUSD price moves near the middle band line in the $69 range, this forms a bearish candlestick with long shadows on the top and bottom candle, closer to Doji which can be said to be a market indecision candlestick.

LTCUSD had a record high at $73,457 on February 12, and moved down to $68,114 on February 13. The Bollinger band here seems to tend to be a dynamic support and resistance zone with a price range of 65-75.
MA 50, which measures the average price for the past 50 days, forms a flat channel near the price indicating a sideways market
The RSI indicator shows level 50 which means the price is moving in the neutral zone.

LTCUSD 16 2 2024 H1.png

In the H1 timeframe for day trading, LTCUSD is now moving near the lower band line. Here the Bollinger bands form a flat channel with a fairly wide band spacing, an indication that the market is moving in a range with medium market volatility.
MA 50, which measures the moving average for the past 50 hours, forms a flat channel near the price below the middle band line, an indication of a sideways trend with weak momentum.

#litecoin #opensourcepayment #ltcusd #ticktrader #fxopenuk

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