With the development of Litecoin LTC in the cryptocurrency market, digital coins appear to have recorded long-term upside trajectories in the past few days, showing no signs of stopping. That’s why many investors and traders are investigating virtual currencies in an attempt to predict their prices before the end of the year.
Before we continue, it is important to understand that Litecoin is much more similar to eth coin and bitcoin than people expected. It’s easy to predict litecoin value and price only by understanding its shared attributes and capabilities.
Currently, despite the resistance of $70, Litecoin is on the rise, with signs that bitcoin and dollar prices are higher. The virtual currency faces resistance at the $77 mark.
Currently, Litecoin trading is at $63.64 after about 10% price increase over the past 24 hours. In terms of its market value, Litecoin’s transaction volume in the past day exceeded $587.7 million.
Although a lot of good litecoin news has sparked a market storm, the Litecoin has seen several price declines below the $70 exchange rate against the US dollar.
On the basis of litecoin history data, Litecoin depreciated at $65 support and further fell to a new important support level at $63.50. From the virtual currency chart, Litecoin found the offer close to the $63.5 mark and began to correct to higher levels.
Despite the unfavorable changes, the virtual currency still surged at the resistance level of $64.5, breaking the 50% Fibonacci retracement level and falling from the previous high of $68 to the low of $62. Litecoin also exchanged a level of $66 and a 100-hour SMA. Despite this, Litecoin faced a rebound of $70 and 66.4% retracement, respectively, from the high and low of $70 and $62. In addition, with a resistance level of $70, it seems that a key bearish trend line is likely to come. If Litecoin manages to break below its direct support at $64.5, the virtual currency price estimate may test the support area of $62.50.
On the other hand, if Litecoin managed to break the resistance level to $70, it could bring more positive news to the long-awaited $100 price level and higher positive litecoin news.
Virtual currencies can benefit from positive comments and comments, thus maintaining a rebound last month. Lack of positive news and comments can lead to another cryptocurrency downturn, which can lead to huge losses throughout the place. A cryptocurrency such as Litecoin should strive to maintain its green performance by giving cryptocurrency community members the reason to invest in and trade their virtual assets.