What Drives Litecoin Price? Hype Vs Legit Volume Triggers


What Drives Litecoin Price? Hype Vs Legit Volume Triggers

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Contents

Litecoin shows signs of strength and continues rising. Although traders’ LTC price predictions differ, it’s clear that LTC doesn’t give up and is accumulating forces for a new breakout. What exactly helps the Bitcoin’s younger brother to stay afloat? Hype or true volume circulating on the market? Let’s see what tradingview users think: read their Litecoin price predictions.

Halving is the secret?

LTC halving will boost its price

Litecoin is about to go through a block halving (in 2 months), which means that for every block the miners mine they will receive 12.5 LTC instead of the previous 25 LTC. This will greatly affect the fundamental price floor for Litecoin and make it twice as expensive to make new Litecoins. Such a situation also evokes many questions. Where was the original price floor for LTC? How much should the price rise? Is this spot price accurate to the new price floor 2 months from now, or is it overly inflated?

Halving is coming soon, and that will naturally affect the price making LTC soar.

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LTC is simply the strongest

BTC drags Litecoin, too

LTC has bounced off of support on Fib. It stayed above $100 following trendline but decided to go its own way. Why? Simply because LTC is the strongest of all altcoins. Now it needs to break $125 on this next move up. User mycoinmoon believes it will, seeing that BTC will soon be around $10K at which point LTC will be $150. Thus, Bitcoin will trigger the growth of LTC attracting volume to the market.

LTC will attempt to break resistance again

LTC accumulating force to reach 0.16 BTC level

On the LTC price chart, we can see Inverse Head and Shoulder pattern for Litecoin that is going to retest a major resistance. It’s just accumulating power to attack the major resistance levels and might reach 0.16 BTC.

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Litecoin clears the path

Indicators show LTC must grow

Following up on a previous TA, we can see the observed price squeeze from BB indicating an imminent break to either the upside or downside. Given the bullish golden cross (50MA over the 200MA) as well as strong support evident on the 50MA, the breakout to the upside was of a much greater likelihood.

MACD has consistently defended its signal line, indicating a rejection of the bears. We wait for momentum to pick up for sustained bullish price action. Also, keep in mind that Litecoin's halving is coming up in a couple of months – it will play a serious role.

Litecoin price charts by TradingView

Cover image via www.123rf.com
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About the author

Vera Yurina (aka Vera Thornpike) writes on web tech and works as a translator, copywriter & crypto geek with a strong passion for creative writing and wordplay. Creates marketing and SEO content for IT & hosting companies, ICOs and finance media since 2013.

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Can TRX Reach 500 Sat in a Week? Quick Peek at Tech Indicators


Can TRX Reach 500 Sat in a Week? Quick Peek at Tech Indicators

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Contents

Good times for Tron have only started: many traders start being bullish about the TRX market, and they have a ton of reasons for that. Why is TRX said to grow in the nearest 10 days? What will drive its growth? Let’s check Tron price analyses and tech indicators from tradingview users.

Ascending wedge scenario

Ascending triangle shouldn’t be broken

TRX/USD has been trading above the low $0.02 range ever since early to mid-May. Since then, an ascending broadening wedge has formed, and new highs in the $0.03 and a low $0.04 range have been seen. We have since corrected downwards from those highs.

We need another confirmation of support at the lower bound of the wedge for the sake of pattern continuation. If the pattern is validated at that point, a move up should be made to test the upper bound of the wedge at the high $0.04 to low $0.05 range. Should this happen, a test of new highs should be seen in 5 to 10 days.

If the pattern breaks below the broadening ascending wedge, TRX/USD would likely return to the low $0.02 range that it was consolidating between February and May.

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How to maximize gains?

Indicators are mostly positive

If you want to trade safely, wait until we clearly exit this descending channel. But if you want to maximize profits, look at divergences in the indicators.

RSI is not looking too overbought, so it's a good sign for buyers. And look at how the RSI is going up just now. Parabolic SAR indicator reversed a few days ago, had a pullback, but it's looking like bouncing on this support being created.

On the 4 hour chart, a nice ascending channel is forming. With last's week price action, it made a solid triple bottom. Another indicator that we should consider is the combo of Donchian channels and Tilson T3 line.

There is only one counter-argument to all these bullish indicators: Bitcoin is showing a huge Head and Shoulders, and we know that when Bitcoin collapses, alts tend to collapse as well.

Long setup for TRX/BTC

Attention on the wedge pattern

We can see that TRX/BTC is definitely set for growth.

What we can see on the 4h chart:

  • Price broke out from a descending trend line and started a Wedge Pattern formation.

  • Wedge Patterns are considered reversal structures.

  • The Wedge Pattern is supported by a major support/resistance level and the broken descending trend line.

Based on this we expect the price to continue the bullish movement towards the next resistance level at 550 satoshi.

So, how to trade TRX now?

  • Entry price: 0420

  • Stop price: 0360

  • Take Profit: 0550

If the Stop is hit, we should see if the intention of the price was to make a fake out or a bearish movement, after that we will consider whether re-entry makes sense.

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Tron is ready to go!

Tron goes in Fib’s golden ratio

Recently, we observed TRX retracing from its last impulse wave, finally settling down in this Fib channel where it has began to show signs of bubbling – right on time.

Analyzing the last impulse wave, we see that Tron is attempting to fight its way back into the Fib channel above. 7 days ago, it entered the 200% Fib Time Zone. In the past, this has been the cause for significant influence on price. We can see a strong reaction from this time zone. Morever, you see sloping downwards Fibonacci speed resistance, indicating that this is a crucial moment as Tron begins to grind against the .618 line.

Also, take a look at the Fibonacci Circles, which provide an exciting insight into the effect of time on the chart. Tron has been forced to move up as it nears ever closer to the Fib Circle's 1.618 Golden Ratio

TRX should definitely make a pop! The first take profit is 550 – 575 satoshi, the final target is 777, however, TRX has the potential to go much higher.

Tron price charts by TradingView

Cover image via 123rf.com
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About the author

Vera Yurina (aka Vera Thornpike) writes on web tech and works as a translator, copywriter & crypto geek with a strong passion for creative writing and wordplay. Creates marketing and SEO content for IT & hosting companies, ICOs and finance media since 2013.

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