Litecoin (LTC) Closes Prior Hour Down -0.27%; Moves Up For the 3rd Straight Day

The Hourly View for LTC

Last Updated October 10, 2020, 01:037 GMT

At the time of this writing, LTC’s price is down $-0.13 (-0.27%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 hour timeframe. The moving averages on the hourly timeframe suggest a bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.

Litecoin Daily Price Recap

Litecoin closed the day prior up 1.16% ($0.55); this denotes the 3rd straight day it has gone up. This move happened on lower volume, as yesterday’s volume was down 13.14% from the day before — and down 37.43% from the same day the week before. Relative to other instruments in the Top Cryptos asset class, Litecoin ranked 6th since the day prior in terms of percentage price change. Let’s take a look at the daily price chart of Litecoin.

Litecoin Technical Analysis

The first thing we should note is that Litecoin is now close to its 20, 50 and 200 day averages, located at 45.78, 50.32 and 47.2 respectively, and thus may be at a key juncture along those timeframes. Volatility for Litecoin has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving down. For another vantage point, consider that Litecoin’s price has gone up 17 of the previous 30 trading days.