Litecoin has been observed to have positive momentum, negative SMA200, neutral RSI, and neutral VWAP. 
The digital asset has made a 27 percent surge in the last year, and a 5 percent surge in the last month. 

Litecoin (LTC) has a current bullish market sentiment with a weekly gain of 5.8 percent. In the last 24 hours, the asset has surged by 0.5 percent. Its monthly performance is also positive with a surge of 5 percent, sending the price from $63.99 to $67.69. Litecoin is classified as a heavily undervalued asset, however, its performance compared to the previous year is quite encouraging. On October 3, 2022, the asset was trading at $53.09. This indicates a percentage surge of 27 percent in the past 12 months. 

According to analysts, the annual high of Litecoin is currently fixed at $110.46 with an annual low of $51.03. A quick analysis of Litecoin using the exchange rate also discloses that the extent of price move depends on the exchange rate and the currency being used for the analysis. A current dollar rate of 67.69 is equivalent to 64.02 euros. When the Litecoin performance is analyzed with Euros, it can be observed that the monthly surge is 7.81 percent. However, its yearly performance indicates a 17.74 percent surge. 

Analysts have also observed that the value of Litecoin is neither undervalued nor overvalued based on the current reading of the Relative Strength Index (RSI). A 30 percent reading on the RSI is said to indicate oversold, while a reading of above 70 indicates overbought value. LTC is currently “sitting” at 34.711. It is also recognized that this tool should be used in conjunction with other analytical tools to make an accurate decision. 

More Analysis on Litecoin

According to analysts, Litecoin is currently below the 200-day moving average (SMA 200) of 77. This value shows a poor performance of the asset under review. A look at the Volume Weighted Average Price (VWAP), which is similar to the SMA, indicates $67.27. This is below the current price of the asset. Considering the fact that the VWAP is less than 3 percent below the actual price, it is not advisable to factor it in any price decision. 

Analysts further analyzed the Coefficient of Variation (CoV) of the asset using 30-day data from coincap.io. It was observed that the CoV was low at 17.06 percent. This implies that Litecoin fluctuates less than the rest of the cryptos. While the asset is basically in the neutral zone and does not provide a clear indication of its next direction, investors should be cautious when purchasing it aggressively. 

Its risk assessment was equally analyzed. For now, high risk is associated with smaller cryptos. While Litecoin is not in the top ten largest cryptos by market cap, it is also not the smallest. According to the analysts, this asset could become completely worthless when a more attractive crypto emerges in the market. Based on the analysis, investors are advised to make their own decisions, but must seriously remember that Litecoin has positive momentum, negative SMA200, neutral RSI, and neutral VWAP. 

This asset has been predicted to go as high as $121.95 by the end of the year. Averagely, the price could finish the year at $101.63, and could also hit $81.30 at the minimum. 

 

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Filed under: Bitcoin - @ October 2, 2023 2:24 pm