Litecoin is up 0.5% in the past 24 hours. This gain has not curbed its 2% drop on the weekly chart and 30% drop on the monthly price chart. However, investors are still wondering if this small increase can push this coin to the moon soon.
Litecoin up 0.5%
Litecoin has seen a slight increase of 0.5% in the past 24 hours. The increase was caused by a panic rally after LTC dropped to $61 yesterday.
Litecoin daily price chart
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At 7:57 AM EST, LTC was valued at $64.11. The recent rise was accompanied by a 0.5% increase in market capitalization and a 31% drop in 24-hour trading volume. The drop in trading volume could indicate that the community is working to hold onto the token to further push up its price.
What’s behind LTC’s price movement?
Litecoin is based on the Bitcoin protocol. The only difference is its hashing algorithm, but this does not decouple Litecoin from Bitcoin’s price action.
This suggests that the price action Litecoin has been experiencing recently is caused by Bitcoin. The comparison chart below shows how closely Litecoin tracks Bitcoin.
Since there is no decoupling between the price trends of Litecoin and Bitcoin, the latest price action received by Litecoin is due to Bitcoin’s reaction to the current market conditions. At press time, the world’s oldest crypto is trading around the $25,800 mark and is attempting to break through the $26,000 resistance level. Similarly, Litecoin is attempting to break through the psychological resistance level of $64.7.
The recent surge could also be because Litecoin just turned 11 years old, as compared to the post on X (formerly Twitter).
The hourly chart shows that Litecoin is rising in a zigzag pattern. If the momentum continues, it could break out of the immediate psychological resistance at $64.78 and move above the $65 mark.
Litecoin short-term price analysis
Supporting this bullish view is the current RSI (Relative Strength Index), which is currently at 56 and rising. It may soon enter the overbought zone, boosting the price of LTC. The coin’s MACD is also positive, with the histogram currently fading in green, indicating that some buyers may start a rebound.
Litecoin Price Analysis – Long Term
Litecoin’s weekly chart shows us its long-term prospects — but the picture is not so optimistic.
Litecoin long-term price analysis (weekly candle chart)
Although LTC price is 28% higher than the 2022 low, technical indicators show a bearish outlook. For example, the RSI is 38, the MACD is negative, and the histogram is bright red, indicating bearish sentiment. A major reversal would have to occur to change this trend.
Litecoin Alternatives – Sonik
Sonik Coin is a cryptocurrency presale that has gained a lot of traction due to its aesthetics and the current craze for meme coins.
Inspired by Sonic the Hedgehog, Sonik Coin created an iconic character - Sonic the Hedgehog. The character has the same theme of speed but focuses on higher goals, such as reaching a market cap of $100 million in the fastest time.
Helping with this is the coin’s memecoin aesthetic and its unique staking utility, which has attracted a lot of attention. Dubbed Stake-to-Speed, the utility will allow Sonik Coin holders to earn APY on a weekly basis.
The total supply of Sonik Coin is 299,792,458,000, which is equivalent to the speed of light (meters per second), of which 50% of the tokens have been earmarked for pre-sale.
Sonik Coin has raised over $1 million so far in its ICO, which will close in the next three days. Interested parties must visit sonikcoin.com to become a first mover.
