Litecoin (LTC) Price Analysis: Bulls Aim to Regain Control, Key Levels to Watch

Many altcoins including Litecoin's LTC are trading in greens today due to a slight 3% increase in the global market cap. The price is currently strong

Altcoins like Litecoin’s (CRYPTO: LTC) are mostly showing gains Monday evening as the global cryptocurrency market cap increased over the past day to $2.44 trillion, showing a 2.3% increase.

Over the past seven days, the market has shown a 0.5% loss, bringing total losses to $100.34 billion.

What Happened: LTC showed a 2.7% gain over the past 24 hours to trade at $130.3 at the time of writing. Over the past seven days, LTC showed a 0.8% loss and is down 85.6% from its 52-week high of $940.7.

LTC’s total trading volume over the past 24 hours hit $1.14 billion, which makes up 4.6% of the total cryptocurrency 24-hour volume.

Chart shows the price movement and 20-, 50-, 100-, and 200-day moving averages for Litecoin over the past 30 days. (Source: CoinMarketCap)

The Fear and Greed Index showed a reading of 45 by the end of Monday, which indicates a market state of "neutral" and comes after a reading of 40, which showed "fear," at the start of the week.

See More: Best Crypto Day Trading Strategies

Why It Matters: Litecoin, created by former Coinbase (NASDAQ:COIN) employee Charlie Lee, is a peer-to-peer cryptocurrency and open-source software project. It was conceived as a "lite" version of Bitcoin (CRYPTO: BTC) with faster transaction times and higher transaction capacity.

The cryptocurrency aims to facilitate faster payments and is designed to be easily integrated into everyday use. It utilizes a proof-of-work consensus mechanism, which is less energy intensive than the proof-of-work used by Bitcoin.

Among Litecoin’s advantages are its faster block generation times of 2.5 minutes, compared to Bitcoin's 10 minutes, and a total supply of 84 million coins, which is four times that of Bitcoin.

To help visualize Litecoin price movements over the past 30, 90, 180 and 365 days, see the chart provided below.