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COINTURK NEWS > Litecoin (LTC) > Litecoin Shows Signs of Life: Introducing Litebringer
Litecoin (LTC)

Litecoin Shows Signs of Life: Introducing Litebringer

In Brief

  • Despite the halving event on August 2nd, Litecoin has experienced a negative sentiment among crypto enthusiasts in recent weeks. Additionally, bears dominated the market in the last 24 hours, causing the LTC price to drop from $65.74 to $64.81, surprising investors.ContentsA Low-Reward and High-Risk InvestmentLTC/USD Technical Analysis A Low-Reward and High-Risk Investment At the time […]
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COINTURK NEWS 2 years ago
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Despite the halving event on August 2nd, Litecoin has experienced a negative sentiment among crypto enthusiasts in recent weeks. Additionally, bears dominated the market in the last 24 hours, causing the LTC price to drop from $65.74 to $64.81, surprising investors.

Contents
A Low-Reward and High-Risk InvestmentLTC/USD Technical Analysis

A Low-Reward and High-Risk Investment

At the time of writing, Litecoin was trading at $64.73, a 0.89% decrease from its daily high. As a result, Litecoin’s market value dropped to $4,765,362,120, and its 24-hour trading volume decreased by 1.57% to $252,653,192, indicating a decrease in investor confidence. Crypto analyst Benjamin Cowen recently raised concerns about Litecoin.

According to Cowen, Litecoin’s performance against Bitcoin is concerning. Particularly, Litecoin has lost 95% of its value against BTC since 2013. Cowen argues that considering the economic backdrop of the Federal Reserve’s money printing frenzy, Litecoin is a low-reward and high-risk investment.

LTC/USD Technical Analysis

Examining the technical indicators of LTC/USD, some promising data emerges. Litecoin’s 2-hour price chart shows the Relative Strength Index (RSI) rising and currently at 49.12. Although this level is below 50, indicating selling pressure, it suggests that the downward momentum may decrease. Additionally, the MACD level crossed above the signal line with a value of -0.209937. The histogram also shows smaller green bars, indicating a decrease in selling pressure.

The Money Flow Index (MFI) indicates an upward movement with a value of 48.39, suggesting an increase in buying pressure. Therefore, these indicators may signal a change in market sentiment towards the upside. Despite these positive technical signals, Cowen’s analysis should be taken into account. He points out that Litecoin’s rug-pull cycle has led to lower highs and poses a danger for long-term investors. Additionally, LTC’s struggle to break resistance casts doubt on its future performance.

In conclusion, while technical indicators suggest a potential reversal in the downtrend, the long-term outlook remains gloomy. Investors, especially analysts, should consider the risk-reward equation, as significant concerns have been raised.

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Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

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COINTURK NEWS 25 August, 2023 - 7:35 pm 25 August, 2023 - 7:35 pm
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