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Litecoin Technical Analysis: LTC Whales Count Drop While Retail Investors Thrive! 

Key Takeaways:

Current Price $56.37
Market Cap $4.00 billion 
Circulating Supply 71 million
Total Supply 84 million
Vol (24H) $615.5 million
Change (7D) -7.88%

Technical Analysis for August 2022

August trade was believed to be pretty bullish as the price was closer in achieving one of the important resistance above $70. Woefully, the asset faced rejection at $64 which was further fueled by the recent market movements compelling the price to mark monthly lows at $52. 

However, an attempt to prevent extensive drain is going on and hence the LTC price is expected to maintain a notable price action ahead. Now when the monthly close is fast approaching, the asset may intensify its actions and movements. Therefore, by the end of August, the LTC price may reach the resistance at $73.

Additional Read: Litecoin Price Prediction

Technical Analysis at a Glance

The start of the yearly trade was extremely bearish for the LTC price which also included a failed attempt of breaking above the descending consolidation. Further, multiple external factors drain the price extensively. Currently, the asset is trying to set up an ascending consolidation and may stand strong withstanding bearish pressure. 

Short-Term Litecoin price is been challenged by the bears but the asset appears to be poised to regain the lost levels above $60 soon
Mid-Term The asset appears slightly bearish as the bulls may have got exhausted but displaying possibilities of a revival
Long-Term The volume and volatility have dropped notably and hence the LTC price may consolidate within narrow ranges

Technical Indicators & Pivot Levels

Indicator Value (STF/HTF) Action (STF/HTF)
Relative Strength Index(RSI) 49.78 / 37.33 Neutral / Sell
MACD -0.89 / -17.37 Sell / Sell
Average Directional Index(ADX) 32.96 / 33.78 Sell / Sell
Ultimate Oscillator 60.25 / 52.39 Buy / Buy
Bull-Bear Power -0.29 / -16.70 Sell / Sell

Pivot Levels

Moving Average Short Term Long Term
MA 5 $56.39 $59.14
MA 10 $55.62 $57.06
MA 20 $55.09 $67.24
MA 50 $59.23 $118.23
MA 100 $60.05 $126.81
MA 200 $58.25 $95.36

Litecoin is in a transition phase where-in the bears may soon outpower the bulls. The technicals are also in the same transition phase as some are neutral, while some are bearish. However, Ultimate Oscillator is bullish which indicates an upcoming trend reversal towards the north. Moreover, RSI is neutral which means either the buying pressure or selling pressure could dominate. 

While the long-term price forecast is extremely bearish, the Ultimate Oscillator is still bullish. Fortunately, the volatility is less and hence the price could continue steadily in the direction led by the volume induced. 

ON CHAIN METRICS Analysis

Source: intotheblock

Source: Santiment

Source: Santiment

Source: Santiment

Litecoin(LTC) Technical Analysis for Short Term

Source: Tradingview

Litecoin(LTC) Technical Analysis for Long-Term

Source: Tradingview

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FAQs

Is Litecoin bullish or bearish?

Litecoin is presently misty but displaying huge changes of a bearish trend to prevail, nullifying the interim bullish impacts.

What is the current RSI for LTC?

The RSI for LTC in the short-term is 48.78 while in the long-term it is 37.33.

Is it a good time to buy Litecoin?

Litecoin has been away from huge price variations and maintained its own trend. Therefore, may be considered as a good investment option.

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