Litecoin (LTC) is struggling to maintain bullish momentum after the 7-day low of $145 during the market crash. The cryptocurrency has become increasingly volatile with a trend yet to be confirmed. At the time of writing, Litecoin stands at a price level of $173. The price has increased by more than 10% during the past twenty-four hours while the daily trading volume is also going up. Litecoin is ranked twelfth in the market in terms of capitalization.
Litecoin (LTC) Technical Analysis
The overall market sentiment for Litecoin is bearish. Out of the total twenty-six technical indicators, fourteen aregiving out a signal of sell with ten indicators standing at a neutral position and only two at a buy position. The oscillators are neutral while the moving averages suggest a strong downtrend of the cryptocurrency.
A trader has identified the current price movements of Litecoin to be similar to the historical price action of 2017. Per the trader, Litecoin observed a 68% correction in 2017 after which it experienced a period of consolidation. It is after this that the cryptocurrency gained strong bullish momentum and established its all-time high. Litecoin has already observed a 68% correction during the market crash and it appears to be consolidating currently. If the scenario plays out, Litecoin can be seen reaching out for $1,300 – near the upper boundary of the ascending channel formation.
Two key upgrades coming to Litecoin (LTC)
Litecoin was once the top three cryptocurrencies. However, it has fallen drastically to twelfth place in the market. The new upgrade of the cryptocurrency may project the coin back to its golden days of top three. In an interview with Scott Melker, the founder of Litecoin Charlie lee has detailed two key upgrades that will increase the efficiency of Litecoin. The new upgrade is set to add fungibility and privacy to Litecoin – features that are crucial for money according to Lee.