Litecoin Price Analysis: LTC Drops After Failure At The $225 Resistance Line
Daily Litecoin LTC Price Forecast
- From March 1 to March 13, the Litecoin price had gained $60 in overall valuation.
- The 4-hour price chart shows two significant sell signals.
Between March 1 and March 13, the Litecoin price found support at the 50-day SMA, pushing it from $165 to $225, gaining around $60 in overall valuation. However, the bears have suddenly taken care of the market.
Litecoin Price Drops From $225 Resistance
Litecoin price has run out of momentum at the $225 resistance and dropped to the $220 level. The relative strength index (RSI) was on the verge of entering the overbought zone and has since dipped down.
Image: LTC/USD daily
On the downside, the Litecoin price has three strong support levels at $210, 20-day SMA ($190) and 50-day SMA ($180). At the $210 line, over 75,000 addresses had purchased around 1.32 million LTC tokens.
Looking at the 4-hour Litecoin price chart, there are two negative signals:
- The parabolic SAR has reversed from bullish to bearish.
- The MACD has reversed from positive to negative.
Image: LTC/USD 4-hour
Litecoin Receives Support From Norway's Fourth-Richest Man
Ole Andreas Halvorsen, Norwegian billionaire and hedge fund manager, is reportedly investing in a cryptocurrency mining chip hardware company called Harmonychain. The firm is set to build application-specific integrated circuit (ASIC) mining chips that are allegedly 300%-500% more energy efficient than the current hardware.
The Harmonychain website has claimed that the company is currently developing a “dual-purpose Artificial Intelligence (AI) and Scrypt algorithm ASIC Supercomputer microchip.” An excerpt from the website reads:
[The microchip] is tailored towards cryptocurrency accounting/mining that is up to 300%-500% more energy efficient than existing Scrypt accounting computer systems.
The Harmonychain chip is dedicated to mining Litecoin (LTC) and Scrypt-based coins. If proven true, the energy-efficient chips would essentially reduce computer energy use by 70-80%. Harmonychain is also hoping to deploy the Scrypt ASIC semiconductors with AI potential by 2022 or 2023. The startup highlighted that it will be the “most profitable mining hardware” available when released.
The ASIC is designed as a dual purpose chip with edge AI potential. If prototype production works well, we plan to start mass deliveries in H2 2022 and 2023. According to industry standard, customers can expect to prepay approx. 9-12 months prior to delivery. The Supercomputer is poised to be the most profitable Crypto hardware on the market. Our Crypto Supercomputer miners have an estimated payback of less than 2 years.
Litecoin Price Is Expected To Reach These Levels
The Litecoin price will likely drop to the $210 support line.