Litecoin (LTC) ranks as the 5th cryptocurrency by market capitalization, behind Bitcoin, Ethereum, Ripple and Bitcoin Cash
Two things set Litecoin apart and slightly ahead of cryptocurrency’s leading coin.
They both have to do with their platforms or networks.
Bitcoin may be popular but it is beaten in terms of transaction speed and transaction cost.
It is here that Litecoin (LTC) becomes suitable as a payment method. And it is thus used by traders and SMEs.
Everyday shopping and micro-payments are more appropriate with LTC than with BTC due to the costs involved and time that is taken to complete a transaction.
Forbes reported that Litecoin is one of the most popular cryptocurrencies among millennials, third after Bitcoin (BTC) and Ethereum (ETH),
respectively. However, this doesn’t seem to be helping LTC climb at the moment.
The report stated that approximately 9.19% of millennials (of those surveyed) would be willing to invest $10,000 in a cryptocurrency;
12% of those millennials said they would invest the $10,000 into Litecoin.
The overall trend is beginning to show bearish sentiment, indicating a possible trend shift from the years-long bull market since 17th of March 2017. Indicators such as the Candlestick and Chart Patterns, Ichimoku Cloud and Moving Averages help determine entry and exit points, as well as the state of the current trend.
On the daily time frame, price has continued to stay inside the rectangular flag and more consolidation pushing price to touch the 0.283fib retracement level as it comes close to the end of its bear trend. A major move up will be triggered when price breaksout of the rectangular bullish flag and closes outside it. With a measure move up to some targets at $218 and $250 respectively.
The 50/200 daily EMA is also bullish, but is threatening a bearish cross within some few weeks. Price has closed below the 200EMA,price needs to gradually
move back up from the 200EMA if a bullish move is or should be expected.
If the 50/200EMA touches and does not cross bearish, this should be seen as a strong bullish signal.
Price also is within the big triangle, and ranging between it diagonal resistance and support levels. A breakout BULLISH or BEARISH will be which should be resolve in the next two weeks, should be conclusive for the direction of the next large Price move up or down.
And lastly, on the same daily time frame, the cloud is bearish and a current bearish TK cross which signals to close all long entry.
The Relative Strength Index (RSI) has also dropped below 50, a momentum reset, for the fifth time since early 2017.
Bullish continuation would be supported by the RSI holds near 50 but it is gradually moving down to the 30 which in turn is supper bearish.
A definite break of the 50 level would suggest a reach below the 30 level(currently happening) and support the beginning of a bear trend.
TECHNICALS continue to suggest a bearish outlook. Price is currently below the daily cloud and below the 200EMA,
A bearish 50/200EMA cross with a breach of the triangle and the rectangular bullish flag support will very likely bring Price to around the $100 - $98 level.
On the flip side, if the trend continues in its current form a target of $200 - $500 is highly likely to reach.
Disclaimer: The analyst won't be responsible for a loss of fund. Trader should be able to manage risk.