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Analysis of the current Litecoin rate

 


Litecoin went unnoticed for a long time until the cryptocurrency was finally able to rehabilitate itself somewhat thanks to the commitment of large companies such as PayPal. However, the currency is still a long way from its all-time high and it has not really been able to take advantage of the highs in the crypto market over the past five years.


But that could be a big advantage. Many experts still classify Litecoin as significantly undervalued. Overall, the currency has lost more than 92 percent of its value compared to Bitcoin in recent years. However, the past has shown that Litecoin was the only major coin that worked flawlessly even with high volume. Nevertheless, this fact is not yet reflected in the current price of the cryptocurrency.


The advantages of Litecoin

Litecoin offers to be carried out in contrast to Bitcoi/ger. Of course, these are clear advantages over Bitcoin, since Litecoin is structured similarly to the Bitcoin network and also has no central control and open-source encryption.


Analysis of the current Litecoin rate

Litecoin is currently around 63 US dollars and is therefore still far from the all-time high from 2021, which was over 380 US dollars. At current levels, Litecoin is facing a significant 3-year trendline, if broken, there are Fibonacci resistances at $150 and $210. However, if the bias turns bearish, the next support can only be found at $52. Below that, there is only support for the Litecoin again at 29 to 39 US dollars.


There is a chance for a death cross to form on the current weekly chart, prolonging the bearish bias. However, while the RSI has continued to rise over the past few weeks, the Litecoin price has tended to trade sideways. If this trend continues, there could be a bullish divergence in the RSI, which could send the Litecoin soaring. So, should Litecoin bounce off the next support, the next resistances are found at $81 and $116.


Although the market values ​​of the two currencies are difficult to compare, Litecoin, also referred to as "digital silver", should have greater potential than Bitcoin in the long term.

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