The Hourly View for LTC
Last Updated June 3, 2021, 01:017 GMT
At the moment, Litecoin’s price is up $0.02 (0.01%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. As for the trend on the hourly timeframe, we see the clearest trend on the 100 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on Litecoin. Given that we see downtrend on the 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. Of note is that the 50 hour changed directions on LTC; it is now pointing down. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders.
Litecoin Daily Price Recap
The back and forth price flow continues for Litecoin, which started today off at 182.94 US dollars, down 2.75% ($5.17) from the previous day. This move happened on lower volume, as yesterday’s volume was down 16.05% from the day before — and down 48.77% from the same day the week before. Relative to other instruments in the Top Cryptos asset class, Litecoin ranked 5th since the previous day in terms of percentage price change. Below is a daily price chart of Litecoin.
Litecoin Technical Analysis
Notably, Litecoin is now close to its 200 day averages, located at 179.58 respectively, and thus may be at a key juncture along those timeframes. Volatility for Litecoin has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving down. For additional context, note that price has gone down 16 out of the past 30 days.
Overheard on Twitter
Behold! Here are the top tweets related to Litecoin:
- From Litewallet_App:
It’s SALE TIME! 🎉🥳🎉🥳
For the next 2 weeks save up 33% when purchasing Litecoin with Moonpay in LitewalletTell a friend & please please write down and save your 12 word seed!
- From MASTERBTCLTC:
Litecoin is leading in the following lanes: 1. Store of value
2. Medium of exchange
4. Privacy There is no other cryptocurrencies that can compete. #LTC🚀 #Litecoin🚀 #LitecoinTo10k
- From MASTERBTCLTC:
@elonmusk working on doge/litecoin mining next to large hydroelectric dam in Washington state plus demand response with Bonneville Power Administration. Are you interested as seed investor?100% renewable / plus grid demand responseNext to large energy storage project as well
As for a news story related to Litecoin getting some buzz:
In a Reddit Merged Mining AMA with the Dogecoin community, Litecoin creator Charlie Lee described Doge’s rapid distribution in the following way….As Litecoin’s hash rate continued to increase, Dogecoin’s network became more vulnerable by the day….Throughout this phase, Litecoin founder Charlie Lee contributed to the discussion by explaining to the Dogecoin community the benefits and negatives of merged mining with Litecoin….With Dogecoin hardforking and allowing merged mining, Litecoin miners (who after all, shared the same mining algorithm as Dogecoin’s), would be incentivized to protect Dogecoin’s network by mining LTC + DOGE simultaneously….At first, Litecoin offered a helping hand in securing Dogecoin’s network via merged mining — saying that, there could become a reality in which through Dogecoin’s constant inflation and continuous mining, miners could later return the favor by helping secure Litecoin’s network as it transitions into a fee-based system….Litecoin miners who decide to merge mine with Dogecoin are essentially receiving “extra gravy” on top of their mined Litecoin’s.