. Litecoin Trade Idea: Potential Test of $80 Support - 25 May 2023

Litecoin Trade Idea: Potential Test of $80 Support

Litecoin Trade Idea: Potential Test of $80 Support

25 May 2023

LTC Price Could Test $80 Support.

FUNDAMENTAL OVERVIEW

  • Litecoin (LTC) Whales Are Accumulate Despite the Bearish Market
  • Litecoin (LTC) Price Prediction: LTC Could Reach $100 by the End of 2023
  • Litecoin (LTC) Partners with Lite Wallet to Launch Decentralized Exchange
  • Litecoin (LTC) Founder Charlie Lee Says He Is Still Bullish on the Cryptocurrency

The price of Litecoin (LTC) is currently trading at $84.37 USD. It has a 24-hour trading volume of $772,114,079 USD and a market capitalization of $1,101,180,077,794 USD. It is down -4.44% in the last 24 hours.

Despite the bearish market conditions, Litecoin (LTC) whales are continuing to accumulate cryptocurrency. According to data from Sentiment, the number of Litecoin addresses holding over 10,000 LTC has increased by 1.5% in the past week. This suggests that institutional investors are still bullish on LTC and are accumulating the cryptocurrency at these lower prices.

Litecoin (LTC) has partnered with Lit Wallet to launch a decentralized exchange (DEX). The DEX will allow users to trade LTC and other cryptocurrencies without the need for a centralized exchange. The DEX is expected to launch in Q3 2023.

Overall, the news for Litecoin today is mostly positive. The price of LTC is holding up relatively well in the face of the broader market sell-off, and there are several bullish catalysts on the horizon. Investors who are looking for a long-term investment in a cryptocurrency with strong fundamentals may want to consider adding LTC to their portfolio.

LITECOIN TECHNICAL ANALYSIS DAILY CHART:

Technical Overview

Litecoin is trading in the down channel.

Litecoin is currently trading below all SMA.

RSI is in buying zone which suggests bullishness and Stochastic suggests a downtrend.

Litecoin resistance is at 87.60 & its immediate support level is 84.95

HOW TO TRADE LITECOIN

The price of Litecoin is moving downward. Price tried to retreat upward but was unsuccessful and turned back to the negative; at this time, it is trading in a support zone; if this support is broken, a further decline till the next support is anticipated.

TRADE SUGGESTION- SELL AT 84.95, TAKE PROFIT AT 81.72, SL AT 87.60