Litentry (LIT) Technical Analysis 2021 for Crypto Traders

Litentry (LIT) Technical Analysis 2021 for Crypto Traders

In Litentry (LIT) Technical Analysis 2021, we use past statistics, price analysis, RSI, RVOL, and much other information about LIT to analyze the future movement of the cryptocurrency

The Litentry Network is built on top of the Substrate framework to provide the ability to aggregate, validate, and calculate DID credits. It aims to simplify the resolution process for independent DID mechanisms by integrating DID standards into a modular identity service. The Litentry mobile app serves as a secure vehicle for users to collect and manage their decentralized identifiers in one place.

Litentry (LIT) Current Market Status

According to Coingecko, the LIT price is trading at $5.09 with a 24-hour trading volume of $37,009,837, at the time of writing. However, LIT has increased by 3% in the last 24 hours. 

In addition, LIT has a circulating supply of 27,732,686 LIT. Currently, LIT trades in Binance, ZT, Gate.io, Pionex, and PancakeSwap (V2).

Litentry (LIT) Technical Analysis 2021 

The recent development and upgrades might push LIT to reach new heights. Now, let’s deep dive into the LIT technical analysis 2021. The daily time frame chart of Litentry (LIT) is shown below.

LIT/USDT Double Top Pattern (Source: Tradingview)

A double top pattern is an extremely bearish technical reversal pattern that forms after an asset has highs twice in a row with a moderate decline between the two highs. This is confirmed when the price of an asset falls below the support level equal to the low between the two previous highs.

More so, LIT trades in a range of $5.6. If the price breaks the trend line then it falls to the support level of $1.99. Or else it will reach the resistance level at $13.58.

Litentry (LIT) RSI

The below chart shows the relative strength index (RSI) of LIT. 

LIT RSI (Source: TradingView)

As shown in the above chart, RSI remains at 56.42. This shows that LIT’s price is in a neither overbought nor oversold state. However, this shows that traders can trade fearlessly.

Litentry (LIT) RVOL

The below chart shows the Relative Volume of LIT. RVOL is an indicator that represents to traders how the current trading volume has changed over a while compared to the past trading volume.

LIT RVOL(Source: TradingView)

From the above chart, the RVOL of LIT lies below the cutoff line which represents the weaker participants in the current trend.

Litentry (LIT) Moving Average

LIT’s Moving Average (MA) is shown in the chart below. Moving Average is a part of technical analysis that supports traders to find trends.

LIT MA (Source: TradingView)

Currently, LIT is in a bullish state. However, the LIT price is above 50 MA (short-term), and it has a high chance of moving higher. Furthermore, LIT’s price is above 50 MA and 200 MA (long-term), so it is completely in a bullish state. Moreover, there is a high possibility of a Trend reversal at any time.

Litentry (LIT) Price Comparison With Bitcoin

The below chart shows the price comparison between LIT and BTC. 

LIT vs BTC Price Comparison chart(Source: TradingView)

From the chart, we can identify the trend of the BTC and LIT is moving at the same level as the trend. This indicates when the price of BTC increases or decreases, the price of LIT also increases or decreases respectively.

Conclusion

With the ongoing developments and upgrades that are taking place within the LIT platform. Litentry has a great future ahead in this crypto market. However, LIT can reach new heights.

Bullish LIT price prediction 2021 is $7. However, as mentioned above, it may reach great heights, reaching $13.58, if investors have decided that LIT is a good investment in 2021.

FAQ

What is LIT?

LIT is a network that supports the DID aggregation protocol and a decentralized mobile application. Its native token is Litentry.

Where can you purchase LIT?

LIT is listed on many cryptocurrency exchanges that include Binance, ZT, Gate.io, Pionex, and PancakeSwap (V2).

Will LIT reach a new ATH soon?

The ongoing developments and upgrades inside the LIT platform have a high possibility of reaching its ATH soon.

Disclaimer: The opinion expressed in this chart solely author’s. It does not interpreted as investment advice. TheNewsCrypto team encourages all to do their own research before investing.

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Monisha is a Senior Programmer in the Automotive Embedded domain. Her interest in the cryptocurrency field made her write about crypto and blockchain-related news.