The dynamic world of cryptocurrency always offers a fertile place for diverse deliberations, and Litecoin (LTC) is currently in the limelight for its impressive price movements and increased trading volume. Amid the myriad cryptocurrencies, Litecoin placed itself firmly within the top 10 most traded coins, with its current trading price being $64.34. Litecoin showcased a positive trajectory by nearly 1.5% within a day and its robust market capitalization of around $4.74 billion makes it 15th in the CoinMarketCap rankings. The circulating supply stands at 73,612,302 LTC against a predetermined cap of 84,000,000 LTC. Market watchers are keen to see if Litecoin can muster enough steam to breach the ambitious $1,000 mark.
On a technical note, Litecoins trading scenario shows some ambiguity. Even after an unsuccessful attempt to exceed the $65 level and consistent candle closures below $67 – the 23.6% Fibonacci retracement level – speculation of a price correction grows. A commotion can be sensed among the investors, which is evident from the appearance of neutral candles such as dojis and spinning tops. Looking at the four-hour timeframe, Litecoins price seems to sway around the 50-day exponential moving average, highlighting the ongoing push and pull between the bulls and the bears. However, the indications from three major technical indicators – the Oscillator Indicator, Relative Strength Index (RSI), and the Moving Average Convergence Divergence (MACD) – appear somewhat contradictory. While the RSI, hovering below the 50 mark, leans towards a bearish sentiment, the MACD might be suggesting otherwise with its histograms being above zero and displaying green bars.
The inconsistency among these indicators points at market uncertainty and a need for a catalyst to resolve Litecoins future price movement. For Litecoin, key support is anticipated at $63.75, supported by the 50-day exponential moving average. A further decline could expose Litecoin to $62.25, with the significant $61 mark acting as a possible dam. On the brighter side, a bullish crossover above $64.85 might hint towards a potential rise to $66.85. Beyond this, the 38.2% Fibonacci retracement level might pose a challenge that could cap gains around the $70.43 mark.
Cryptocurrency world is not only Litecoin and amid the investment options, Wall Street Memes (WSM), a meme coin, also piqued investor interest. Buoyed by the frenzy of its presale, the coin has managed to raise over $300,000 on the first day with a whopping total of $25 million till now. Priced at $0.0337 during presale, WSM tokens pose an intriguing opportunity for growth. In this unpredictable, high-risk landscape, keep a close watch on LTC’s pivotal $65 mark, but do not overlook Wall Street Memes and its equally compelling story.
Source: Cryptonews
