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Litecoin Price Analysis for 7/7/2015 – Sky is the limit!

NewsBTC
NewsBTC
4 years ago
2 mins read
litecoin price defying gravity

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Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Litecoin has jumped another 12% since yesterday, adding to its surreal gains and decimating the bears. In my previous analysis, I had recommended shorting the cryptocurrency near $5.300 by placing a stop-loss above $5.500 and Litecoin has proved me wrong.

Litecoin is currently trading up 12.41% at $5.379.

litecoin chartImage: https://www.tradingview.com/x/76LSI2Cb/

Technically, Litecoin looks formidable even at these outrageous levels. The 240-minute LTC-USD price chart indicates strong bullish force behind the rise and it has become incredibly difficult for me to comment as to when the profit booking will come in or when the market would realize its folly.

Litecoin Chart Structure – The chart above clearly tells that Litecoin is currently trading near its 10-month high of $5.680. It hit an intraday high of $5.663 before some money was taken off the table.

Moving Average Convergence Divergence – The MACD and the Signal Line extend their gains, surging to 0.3824 and 0.2766 respectively. The Histogram value inspires confidence in the underlying momentum with a value of 0.1058.

Momentum – The Momentum indicator also reflects that bullish momentum is significantly strong with a positive value of 1.2939.

Relative Strength Index – I have been iterating for long that Litecoin is extremely overbought and I firmly believe that this madness cannot end well for the cryptocurrency investors who continue to bid higher even in the absence of any positive fundamental change in the underlying. The latest RSI value also supports my view with a reading of 74.4896.

Conclusion

Litecoin remains expensive but that has failed to deter the investors and the market speculators who have lifted price to a near 10-month high. For those who are looking to buy Litecoin, I would suggest that they wait for lower and more acceptable levels. For now, there is a higher chance of losing money than making it.

 

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Comments 7

  1. solid12345 says:
    10 years ago

    Bitcoin is full of drama with a crooked foundation, squabbling developers and twitter trading celebs who’d gladly short it to its doom to make a quick buck. Meanwhile LTC has little drama, a faster network and an army of dedicated Chinese mining hardware and money behind it, it’s a no brainer this thing is going up and up.

    Reply
    • Nikhil says:
      10 years ago

      Hi Solid12345,

      I agree with your opinion that Litecoin is a lot less drama, however, that may also be because Bitcoin is so much in the limelight that not many feel associated with Litecoin.

      Reply
  2. Brian says:
    10 years ago

    You may be right that there is a high chance now of losing money put into Litecoin, but as you kind of point to, this looks very much like a bubble. So while it is expensive for Litecoin, it’s not necessarily in “bubble territory” as of yet, and so, if you play your cards right, I believe there’s still quite a bit of money to be made in Litecoin before it crashes again to its doom.

    Reply
    • Nikhil says:
      10 years ago

      Hi Brian,

      Thank you for sharing your thoughts here! I believe that it would very hard to call a “bubble” in cryptocurrencies at the current stage. $6 for Litecoin may be a bubble while some may even say that Litecoin has a fair value of $8. There is no fundamental basis to value these digital currencies on, as of this moment.

      If I am missing something here, please do share.

      Reply
      • Brian says:
        10 years ago

        I really meant we’re heading towards a bubble, rather than in a bubble, simply because of the similar pattern of exponential growth in a short time period that lead to some of the previous peaks and crashes. Those also seemingly fueled by emotion rather than any actual developments. Additionally, it looks like there was an across the board increase in many of the alt coins which I also believe is indicative of the previous bubble scenarios. It may be that either of those prices could be a “fair value”, but right now that can only be based on speculation, and has no sustained historical precedent or practical basis as of yet.

        Reply
      • Brian says:
        10 years ago

        Anddddd POP!!

        Reply
  3. don77701 says:
    10 years ago

    Litecoin may be going up because of Europe. If that is the case, skys the limit.

    Reply

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Comments 7

  1. solid12345 says:
    10 years ago

    Bitcoin is full of drama with a crooked foundation, squabbling developers and twitter trading celebs who’d gladly short it to its doom to make a quick buck. Meanwhile LTC has little drama, a faster network and an army of dedicated Chinese mining hardware and money behind it, it’s a no brainer this thing is going up and up.

    Reply
    • Nikhil says:
      10 years ago

      Hi Solid12345,

      I agree with your opinion that Litecoin is a lot less drama, however, that may also be because Bitcoin is so much in the limelight that not many feel associated with Litecoin.

      Reply
  2. Brian says:
    10 years ago

    You may be right that there is a high chance now of losing money put into Litecoin, but as you kind of point to, this looks very much like a bubble. So while it is expensive for Litecoin, it’s not necessarily in “bubble territory” as of yet, and so, if you play your cards right, I believe there’s still quite a bit of money to be made in Litecoin before it crashes again to its doom.

    Reply
    • Nikhil says:
      10 years ago

      Hi Brian,

      Thank you for sharing your thoughts here! I believe that it would very hard to call a “bubble” in cryptocurrencies at the current stage. $6 for Litecoin may be a bubble while some may even say that Litecoin has a fair value of $8. There is no fundamental basis to value these digital currencies on, as of this moment.

      If I am missing something here, please do share.

      Reply
      • Brian says:
        10 years ago

        I really meant we’re heading towards a bubble, rather than in a bubble, simply because of the similar pattern of exponential growth in a short time period that lead to some of the previous peaks and crashes. Those also seemingly fueled by emotion rather than any actual developments. Additionally, it looks like there was an across the board increase in many of the alt coins which I also believe is indicative of the previous bubble scenarios. It may be that either of those prices could be a “fair value”, but right now that can only be based on speculation, and has no sustained historical precedent or practical basis as of yet.

        Reply
      • Brian says:
        10 years ago

        Anddddd POP!!

        Reply
  3. don77701 says:
    10 years ago

    Litecoin may be going up because of Europe. If that is the case, skys the limit.

    Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

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Reason to trust

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Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

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