This is the first edition of our technical analysis for Litentry (LIT) for 2021.
The past week was a very important week for the Litentry (LIT) market. The market was down by more than 20%, but Litentry (LIT) is still trading on the second highest position on the list of cryptocurrencies. The news about the Litentry (LIT) cryptocurrency focus on the upcoming new Litentry (LIT) service that will be launched soon.
Bitclassic is a blog for crypto traders. We are looking at the technical analysis of Litentry (LIT) based on an algorithm developed by Bitclassic.
We utilize historical data, price analysis, RSI, RVOL, and other information about LIT to evaluate the cryptocurrency’s future movement in Technical Analysis of Litentry (LIT) for 2021.
The Litentry Network is a DID credit aggregation, validation, and calculation system developed on top of the Substrate platform. By combining DID standards into a modular identity service, it seeks to simplify the resolution process for separate DID methods. Users may use the Litentry mobile app to gather and maintain their decentralized IDs in one safe location.
Current Market Situation for Litentry (LIT)
At the time of writing, the LIT price was trading at $5.09, with a 24-hour trading volume of $37,009,837, according to Coingecko. LIT, on the other hand, has risen by 3% in the past 24 hours.
In addition, there are 27,732,686 LIT in circulation. LIT is now available for purchase on Binance, ZT, Gate.io, Pionex, and PancakeSwap (V2).
Litentry (LIT) Technical Analysis 2021
LIT may be pushed to new heights by current improvements and enhancements. Let’s take a closer look at the LIT technical analysis for 2021. Litentry (LITdaily )’s time frame chart is given below.
Double Top Pattern LIT/USDT (Source: Tradingview)
A double top pattern is a negative technical reversal pattern that develops when an asset makes two consecutive highs with a modest drop between them. When the price of an asset goes below the support level equivalent to the low between two prior highs, this is verified.
LIT, in particular, trades in a $5.6 range. If the price violates the trend line, it will fall to the $1.99 support level. Otherwise, it will test the $13.58 resistance level.
RSI for Litentry (LIT)
The relative strength index (RSI) of LIT is shown in the chart below.
RSI LIT (Source: TradingView)
The RSI is still at 56.42, as seen in the chart above. This indicates that the price of LIT is neither overbought nor oversold. This, on the other hand, demonstrates that merchants may trade without worry.
RVOL Litentry (LIT)
The Relative Volume of LIT is shown in the graph below. RVOL is a trading indicator that shows how current trading volume has changed over time when compared to previous trading volume.
RVOL LIT (Source: TradingView)
The RVOL of LIT is below the cutoff line in the preceding chart, indicating that it is one of the weaker players in the current trend.
Moving Average for Litentry (LIT)
The chart below depicts LIT’s Moving Average (MA). A moving average is a tool used in technical analysis to help traders spot trends.
MASTER OF LANGUAGE (Source: TradingView)
LIT is now on a bullish trend. The LIT price, on the other hand, is above the 50 MA (short-term) and has a good probability of going higher. Furthermore, the price of LIT is above the 50 MA and the 200 MA (long-term), indicating that it is fully bullish. Furthermore, a Trend reversal is a distinct potential at any moment.
Comparison between Litentry (LIT) vs Bitcoin
The price comparison between LIT and BTC is shown in the graph below.
Chart comparing the prices of LIT and BTC (Source: TradingView)
The trend of the BTC can be seen on the graphic, and LIT is moving in lockstep with the trend. This means that when the price of BTC rises or falls, the price of LIT rises or falls as well.
With the continuous improvements and enhancements to the LIT platform. Litentry has a bright future in the cryptocurrency industry. LIT, on the other hand, has the potential to soar to new heights.
LIT price forecast bullish for 2021 is $7. However, as previously said, if investors feel that LIT is a suitable investment in 2021, it may achieve tremendous heights, reaching $13.58.
What exactly is LIT?
LIT is a decentralized mobile application and a network that supports the DID aggregation protocol. Litentry is its native token.
Where can you get your hands on LIT?
Binance, ZT, Gate.io, Pionex, and PancakeSwap are just a few of the cryptocurrency exchanges that have LIT listed (V2).
Will LIT soon hit a new ATH?
The LIT platform’s continuing improvements and enhancements have a good chance of achieving its ATH shortly.
Disclaimer: The views stated in this graph are entirely those of the author. It should not be construed as investment advice. Before investing, TheNewsCrypto staff advises everyone to conduct their own research.
The LIT/BTC pair is currently trading at 0.00007315 BTC per LIT with a 24-hour trading volume of 30,284,112 LIT/BTC. The coin is trading for -1.35% less than the previous day’s price.. Read more about lit usdt tradingview and let us know what you think.
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