Issued on: 11th May’23
Valid upto: 15th May’23
Token: LRC
Category: Payments
Market Cap: $5,880,875,177
Circulating Supply: 72,894,701
Total Supply: 84,000,000
Price Update: Litecoin (LRC) is a crypto that was designed to provide fast, secure and low-cost payments by leveraging the unique properties of blockchain technology. LTC price at the time of writing (11th May, 16:30) is $80.68 with 24-hour trading volume of $616,119,692. LTC price is up by 1.87% in the last 24 hours according to coinmarketcap.com
Source: Tradingview
Analyzing the above Chart:
- As with the general market, LTC also witnessed a massive downfall in recent days.
- However, when compared the 4 hour price action pattern with Bitcoin, LTC showcased strength in the markets.
- After the downfall, prices took support from $77 which was last held three months ago. And, also gave a retest wick before moving upwards.
- At current prices are chasing 55 EMA (yellow line) on 4 hour chart towards $83 and is expected to go further towards 200 EMA (Blue Line) for $88.7
- A Long Trading strategy can be assessed between $80.9-$77, with invalidation below $76.8.
- On the upside, one can see 5-6% rise towards $86 as first level, and if markets are sustained we can also see moving towards $88.
- It would seem that one should maintain a balanced risk to reward ratio and check use of leverage and position size to ride out current market conditions.
Note: LTC is now available in the futures market in both Go and Pro apps with up to 15x leverage.
Trade LTC in Futures Market at CoinDCX
Trade LTC in Futures Market at CoinDCX Pro
Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. The Content is for informational and educational purposes only. The Content is not an offer, or solicitation of an offer, to invest in, or to buy or sell any interest or securities or virtual digital assets or to participate in any investment or trading strategy.The Content or any part of it is not legal, financial, investment or tax advice. The calculations, data, risk return formulations, performance or market capitalization indicators are based on the independent data sourced by CoinDCX or third parties. Past performance is not indicative of any future results.
