Litecoin Price Analysis: Besides Two Bounce Backs On Adjacent Days, Coin is Still in The Red Zone

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Along with Miami Dolphins, Litecoin presented a 50/50 raffle for anyone who buys a ticket for the game at Hard Rock Stadium. In the 50/50 raffle, one need to follow just 4 simple steps to win the prize money. The first step is to buy a ticket to enter a specific raffle; then you should look out for: if you are the winner during the draw, third is to pick up your prize winnings and the last is: half of the winning will go to charity. The highest winning amount till now is $92,168.

Current Statistics of Litecoin:

  • The trading price of Litecoin (LTC) was around $73.92.
  • Against Bitcoin, the crypto was valued around 0.00726706 BTC per chip.
  • With a return on investment of 1,621.40%, the market rank of Litecoin is 5th in the crypto chart at present.
  • Additionally, the market capitalization of the digital coin was 4,670,008,204 USD.
  • On top of that, the last 24-hour trading volume of the altcoin is 2,795,659,192 USD.
  • Again, the total LTC chips circulating in the market, at the time of writing, was 63,093,524 LTC.

LTC to USD Price Comparison:

Litecoin Price Chart by Tradingview

In the 5-day trading chart, Litecoin started on a positive note and on August 18, it showed a hike of 7.96% and touched the level of 77.18 USD in the intraday trading. For the next two days, i.e., on 19th & 20th, the altcoin kept hovering in the green zone around that level but with a declining trend. During this period, the crypto made a cumulative dip of 6.5%. However, in the early hours on August 21, the digital coin made a sharp dip by 7.62% toward the red zone and stooped to the level of $70.25. However, the crypto showed a bounce back soon. And in the second half of the day, it strengthened by 5.08% and reached the level of 73.88 USD. But this bull run faded away soon and Litecoin again coin went back to the level of $71. Again on August 22, the coin showed a hike of 4.79% and climbed to the level of 74.45 USD. Since then, Litecoin has been moving around that level, but it is still in the red zone.

Litecoin Price Prediction:

After a bit of strengthening on August 18, the coin has shown either bearish trend or keep moving in the red zone. Looking at the current scenario of the coin, it is tough to make any future prediction. For now, the immediate support for Litecoin is at 71.75 USD, and the resistance is at 75.01 USD.

Conclusion:

The partnership with the Miami Dolphins was expected to help Litecoin in mainstreaming, and it is doing the same. However, the foundation needs to work on the fundamentals of the coin. As of now, one should avoid trading in the short and medium terms in Litecoin.