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Litecoin LTC Breakout Analysis – LTC with +16% Gains in a Single Day
Litecoin LTC is flipping on a 4-hour candle chart, LTC just went up over +16% in a single day. Let’s take a quick look at LTC price analysis and possible reasons for the recent breakout.
What is Litecoin?
Litecoin is a peer-to-peer Internet currency that enables instant, near-zero cost payments to anyone in the world. Litecoin is an open-source, global payment network that is fully decentralized without any central authorities.
Litecoin Quick Stats
| SYMBOL: | LTC |
| Global rank: | 6 |
| Market cap: | $7,763,926,899 AUD |
| Current price: | $115.84 AUD |
| All time high price: | $509.34 AUD |
| 1 day: | +16.42% |
| 7 day: | +5.42% |
| 1 year: | +83.99% |
Litecoin Price Analysis
At the time of writing, LTC is ranked 6th cryptocurrency globally and the current price is $115.84 AUD. This is a +5.42% increase since 24 November 2020 (7 days ago) as shown in the chart below.
If we see the above 4-hour candle chart, LTC did a strong breakout from the falling wedge pattern & is now heading towards its major resistance of the month. After BTC did a new historical high today, LTC looks well-positioned to test the $100 AUD price levels.
“The Falling Wedge is a bullish pattern that begins wide at the top and contracts as prices move lower. This price action forms a cone that slopes down as the reaction highs and reaction lows converge.”
When the price reached the lower support line, LTC immediately began its upward movement. The price was again able to break through the upper lines and continue to grow. Now the Litcoin is moving along the support line that accompanies the initiative from the very beginning of the price growth.
What do the technical indicators say?
The Litecoin LTC TradingView indicators (on the 1 day) mainly indicate LTC as a buy, except the Oscillators which indicate sell as a neutral.
So Why did Litecoin Breakout?
The recent rise in Bitcoin over 100% since the halving in May and then the suggested start of the Altcoin season could have contributed to the recent breakout. Another reason could be the whales secretly buying LTC for the next Altcoins rally & it could also be contributed to some of the recent events.
Recent Litecoin News & Events:
- 09 July 2020 – Paxos Listing
- 16 September 2020 – Binance UP/DOWN Listing
- 30 September 2020 – Testnet Launch
Where to Buy or Trade Litecoin?
LTC has the highest liquidity on Binance Exchange so that would help for trading LTC/USDT or LTC/BTC pairs. However, if you’re just looking at buying some quick and hodling then Swyftx Exchange is a popular choice in Australia.
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