LTC Price Analysis: LTC/USD Rallies With Other Altcoins, Litecoin Founder Charlie Lee Push Privacy and Fungibility to Bolster Adoption

Currently, the LTC market cap is seventh on the Coinmarketcap table at approx. US$2.5 billion, with a recent exchange-traded volume of $3,092,250,056 over the past 24 hours. The silver crypto reported a decrease of 2.80% over 24 hours. LTC/USD was valued at $38.02 at the time of publishing. Following the initial recent price recovery in the market, though not all coins maintained bullish patterns, nevertheless, several altcoins saw a probable upward trajectory awaiting volatility in an attempt to surpass prior violated barriers. To improve the adoption of Litecoin, Litecoin Founder Charlie Lee is promoting privacy and fungibility to making the coin the choice cryptocurrency for transactions. The push for privacy from Litecoin is being led by developer David Burkett who plans to start evaluating anonymous transactions on the network during the first half of the year.

*The silver crypto reported a decrease of 2.80% over 24 hours
*Awaiting Volatility LTC/USD rallies with other Altcoins
*Litecoin Founder Charlie Lee is promoting privacy and fungibility to making the coin the choice cryptocurrency for transactions

Key Levels
Resistance Levels: $64, $50, $41
Support Levels: $35, $28, $24

LTC/USD Daily Chart: Ranging

LTC/USD has declined from $39.25 to $37.53 levels and is narrowly hovering beyond the triangle base’s ascending trendline. This preceded a marginally positive prior session where the price rose to $39.41 from $38.38 levels. The MA 200 crossed the MA 50 to map the strongly bearish sequence of the death cross. Unless the bullish sentiment was to maintain that, therefore, the price of Litecoin may eventually reach the level of resistance at $50.63 mark. There are two more key LTC/USD barriers at levels of $56 and $64.

Consolidation in the triangle has dramatically reduced to demonstrate diminishing price volatility. As well as the RSI indicator and its market activity indicate a probable ongoing bullish mood, while the RSI indicator trends horizontally above 40. Considering that squeezes signify strong breakouts, the region between the triangle’s lower and upper bands is a fair no-trade zone. Both levels of support and resistance stay at $35 and $41 levels respectively.

LTC/USD 4-Hour Chart: Ranging

The unclear pattern posed by LTC/USD is best reflected in its time frame of 4 hours. Inside this time frame, its volatility has been constrained by a symmetrical triangle. This technical pattern depicts market participants’ indecision until an asset’s price is allowed to push in either a positive or a negative path.

The gap between both the initial high and low trend predicts a rise in bullish momentum for LTC/USD may lead it to rise beyond the level of $44. Whereas, a major supply increase may see it plunge to level at $28.92. The outcome of Litecoin may rely on how well it initially breaks in support or resistance.

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