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Litecoin [LTC], need for new strategies? – Sentiment Analysis – April 18

Vinod KA



Litecoin [LTC], need for new strategies? – Sentiment Analysis – April 17
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Most of the cryptocurrencies appear to be consolidating above their various crucial levels. Ethereum [ETH] is up and above the $500 mark and was seen to be trading at 2:17 PM UTC at $514.80 with a market capitalization of $50.911 billion. Verge [XVG] on the other hand has shown high volatility as the gains that the coin had were reversed after the partnership announcement with Pornhub. There were a lot of claims that the coin would benefit from the new partnership but it dropped almost instantly by 28% which leveled the gain of 28% made by the coin. It went down to a swing low of $0.071 which is the lowest in the last 7 days. The coin also dropped down in the ranking but it was quick to get back up. Currently, it is ranked at the 23rd spot. The dip cost the coin a market capitalization over $450 million pushing it down in the rankings.

The segment called sentiment analysis comprises of sentiments and expert opinions of people from around the world. These comments are on the current market trends and the possible outcomes of the coins in the future. For this purpose, a group of investors, miners, skeptics, analysts, influencers, were interviewed and based on their valuable comments, this segment is carefully structured. This analysis will be on Litecoin [LTC] which is at the 5th spot in the rankings.

Litecoin [LTC]

Litecoin looks green with a 0.14% gain in the last 24 hours. The coin, at 2.30 PM UTC was seen to be trading at $137 with a market capitalization of $7.693 billion. The $135 mark was the previous high by the coin and it was broken yesterday. There is a bullish momentum for the coin at the present moment. It is likely to hike till the $140-$145 levels which act as a resistance for the coin. There is a strong support for the coin at $120 and the gap between the 50 SMA and the 100 SMA is narrowing.

Daniel Henderson, a Litecoin investor from Portland says:

“LTC has rallied of the double bottom along with the squeeze of Bollinger Bands. My personal advise is to HODL till the price peaks. Possible sell point is at the $156-159 levels. The trend lines indicate a bearish trend but if it breaks out of the pattern, a bull run can be expected.”

John Moore, a miner from York says:

“The trend seem to be bearish at the present moment for Litecoin if it drops below the $135 mark. The stochastic RSI is currently in the overbought position which might help the coin to consolidate at this level for some time. The MACD had crossed which resulted in the recent bull run.”

Omkar Singh, an altcoin correspondent from Mumbai says:

“Litecoin is very much undervalued in the present times. The Litecoin supply in circulation now is 56 million out of the available 84 million. This means that almost 2/3rds of the total is in circulation which leaves a total of 28 million to be mined.”

To conclude, 54% of Litecoin respondents feel that the coin is doing well and is looking for a breakout. They feel that the price may drop in future but not at the present moment. Another 46% of the Litecoin respondents feel bearish as the indicators show a bearish flag formation.

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Vinod KA is an intern at AMBCrypto who has been analyzing the cryptocurrency market trends for several months now. He joined the company out of sheer interest in the cryptocurrency world and is fascinated by its dominance in the financial world. He does not hold value in any cryptocurrencies as of now.