Litecoin Candlestick Chart: Explained In detail
Use our real-time 5 Minute Litecoin to US Dollar live charts to analyze the current and historical LTC vs. USD exchange rate. Each candlestick.
Contents
What is a Litecoin Candlestick Chart?
A Litecoin candlestick chart is a combination of two charts: the relative strength index (RSI) and the MACD (moving average convergence and divergence). A LTC candlestick chart illustrates which way the price is moving by the relative strength of the litecoin price against the 50 and 200-day simple moving averages (SMA) and the MACD.
The relative strength index (RSI) is a widely used technical indicator that can be used to detect when a market is overbought or oversold. The MACD is the next generation of the classic price-movement indicator. It uses p- values instead of absolute values in order to determine how strongly a trend is moving.
How to Read A Litecoin Candlestick Chart
Litecoin, the fifth most-traded cryptocurrency, followed Bitcoin and Ethereum in popularity. Litecoin has developed a reputation as a robust cryptocurrency. Lately, the price is at an all-time high and well above the $110 mark, and it looks like the growth will continue. Traders are keeping an eye on the Litecoin charts in order to find out more about the possible directions of the market, which has an extensive growth rate of more than 7% in the last 24 hours.
The weekly chart has a goldenish background, which indicates an upward trend. At the same time, Litecoin has a bearish day, which indicates that the technical indicators are at their peak. Traders are therefore selling or shorting the coin and waiting for another sign of weakness, to break the stock and start another sell off.
How To Trade Litecoins
To trade Litecoins, start with the technical analysis chart, which is the first step in any trading strategy. However, these charts are highly unstable and should not be taken as a basis for an investment. The close (midnight) price (in US$) of Litecoin should be taken into account while trading. It gives traders an indication of the day’s direction.
A rising or falling price indicates an uptrend or downtrend. Use real-time 5 Minute Litecoin to US Dollar live charts to analyze the current and historical LTC vs. US Dollar exchange rate. Each candlestick in the chart below shows us the prices of Litecoin in US dollars. It shows the different time frames used for trading and gives us the last closing prices. We also get the last 8 trading volume (in US$) of Litecoin on that day.
Conclusion
Litecoin has made a huge correction from its all-time high of $61.88 and is now trading at the $35 level. A crucial support will be at the $30 level which can be seen as the trend line support. A lot of analysts believe that the market will go as low as the support which may last until December. Bulls are also trying to make a comeback as the price broke out of the bearish trend line resistance.
If the price breaks out of the $35-40 support levels, there can be a lot of upside in the near term. If the price breaks out of the resistance, it can see a much higher level of $45 and then $50. The support level for both the US Dollar and Litecoin is $30-35.
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