LTC Technical Analysis – October 2021
In the last 30 days, LTC declined by around 40%. After that, LTC found support at $139.5. Once hitting the support, LTC started increasing again. It increased by 34%, indicating that the trend is now upward for LTC.
In just the last 7 days, LTC has increased by around 24%. Being in an upward trend, LTC is looking to increase even more in the coming days. Recently, however, a pullback of 6% that saw LTC go to $174.8 occurred, but LTC has started increasing again.
In just the last few hours of the intraday chart, LTC has increased by more than 4%. This suggests that LTC is also bullish in the shorter run and that the price could keep increasing in the coming hours.
The 20-day moving average is below the price, indicating that the trend is upward and that the price of LTC can keep increasing in the coming days of this month.
The 9-day EMA is also below the price and is currently acting as support for any potential downward movement of the price. It indicates that the price of LTC is bullish in the short run.
Relative Strength Index
The RSI of a daily chart is below 50 and is slowly approaching the overbought region. While still being below 70, this indicates that LTC is bullish and that there is still room for growth in the coming days for the price of LTC. The same applies to a 40hour chart.
In a daily chart, the MACD line is above the signal line and is now above the baseline. This indicates that the current momentum for LTC is bullish and that the price could keep increasing in the coming days. As for the 4-hour chart, the lines have recently intersected, but the MACD line is attempting to go upward again despite the recent pullback in the price of LTC.
Fear & Greed
The fear and greed indicator in a 40hour chart suggests that the current emotion of LTC traders is fear due to the recent pullback. However, the price has started increasing after that, meaning that it may soon turn into greed.
The Fibonacci retracement levels suggest that the price of LTC recently retraced to the 61.8% level, and as anticipated, it then reached the 23.6% extension level.
In a 1-hour chart, we can see that LTC has also retraced to the 78.6% level, meaning that the price could go back to the 0% in the coming hours.
Price Prediction LTC – October 2021
Based on this technical analysis on Litecoin (LTC), we could see its price keep increasing in the coming days and attempt to break resistance at $195. If that occurs, then LTC could keep soaring upwards and attempt to break its all-time high. In the previous bullish runs in the market, where LTC reached its all-time high, its price increased by around 8x in a matter of months. If the same occurs in this bullish run, then we could eventually see LTC reach $1000.
Latest News for LTC – Affecting Price
There has not been any major news for Litecoin specifically. However, since LTC was created on the fundamentals of Bitcoin, the price of the latter affects LTC, as well as the whole market. If BTC increases in the coming weeks at the same rate as experts predict, then we could see LTC reach new highs very easily.