Litecoin Price Movement Analysis for 20th February 2021

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With yet another drive from the bulls and the economy, it was set to be as active as ever. The price of Bitcoin soared to a new high of over $56k, and the remaining altcoins walked along with it. Litecoin and many of the market’s altcoins were seeing a significant uptrend in value, but the market remained in a very volatile zone at the time of writing.

At the time of the press, Litecoin was trading at $244.05 while its market capitalisation stood at $16.19 billion. In the last 24-hour duration alone, the coin rose by almost 3.5 per cent.

Litecoin daily chart

The above Litecoin chart represented the steady rise in the price of the digital asset. LTC started trading at $135 in 2021, during which it experienced an 88 percent appreciation and is currently trading at $243.

The current price has been part of an upward channel stretching through the entirety of February. This price rise has enabled it to overcome various levels of resistance and to drive it along a bullish direction. However, because the asset had already reached its peak and the key indicators were very bullish, some correction might have taken place in the coming week.

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Reasoning

As the current value traded above the aid level of $214.99, there can continue to be a consolidation level for LTC in the short term. The latest rally resulted in an open market bullishness indicated by the Bollinger Bands, the relative strength index, and the Amazing Oscillator.

While the divergence of the Bollinger Bands showed that the market was very volatile, the relative strength index noted that the buyers had exhausted the current market. Over the past few days, the continuous purchasing of the digital asset has placed it in the over-purchased zone.

Whereas, the market momentum has remained strong. The awesome oscillator noticed that much of the momentum had been realised by the buyers on the market.
Conclusion

Given the current market situation, Litecoin could continue to trade along the $214 price range. However, the trend can be seen as a shift in price convergence and, if it continues to do so for a longer period of time, we may see a correction in the market.

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