Litecoin (LTC) is a cryptocurrency designed leverage the content of blockchain resulting in fast, secure, and low cost payments.
The crypto currency was created by Charlie on Oct. 7.2011. with an intention of making it a liteversion of bitcoin, he named it Litecoin, as that features many of the same properties as of Bitcoin.
Litecoin is one of the most accepted cryptocurrencies as more than 2k merchants and stores now accept LTC.
According to the coin market cap LTC is currently being traded at the rate of $170.54 with a decrease of 8.70% in the last 24 hours. The market has a trading volume of $2,010,209,232 with a rise of 6.72% in the last 24Hours. Litecoin is in the watch lists of many holders and traders and is being ranked #16 getting a lot of attention. It works on Binance smart chain.
Litecoin Technical Analysis
The price on 21 July 2021, showed quite an impulsive move to the upside breaking structures, but the momentum of price seems to have been slowed down maybe as bitcoin has been rejecting the 50k level. As mentioned above, the properties of both are quite similar, so a correlation can be seen in both of these coins, the BTC has quite much influence on this token as compared to others.
Besides that, the price has formed a double top just after breaking the previous structure. Mass psychology comes to play in this scenario, as the majority of people seeing this double top may started shorting this pair.
Even though the price has had a move to the upside putting the trend in a bullish one, the correction of the impulse can be expected as well. If a fibo is drawn from low to high, the levels of 61.8 and 50 are in confluence with previous market structures pointing out strong zones from where the pullback can possibly end.
Generally during this time when the bitcoin starts to fall the price of several coins also fall down. This is an additional confluence that supports the idea that the bears might be in control for the moment. In the long-run LTC has made quite an achievement and it can be expected that the coin is here to stay and wouldn’t go dead in the future if the market starts to mess up.
In case if the price gets rejection from 161.50 there is a chance that the market might once again test the level of 191.99 and from there a pullback can be expected.
