Litecoin’s Modest Bounce: What South African Traders Should Know

  • Litecoin, a leading cryptocurrency, has experienced a minor recovery of 0.33% in the last hour, trading at ZAR 1,571.36. Over different time frames, it shows a 3.08% decrease in the past 24 hours, a 1.29% decrease over the past week, but a 0.47% increase over the last month. The overall 6-month trend indicates slight gains.
  • The article points out the key levels that South African LTC traders should watch. Short-term support is seen around ZAR 1,543 while resistance could be met around ZAR 1,667. The broader trading range is between ZAR 1,334 and ZAR 1,877.
  • The piece advises caution for traders due to the current range-bound status of Litecoin and absence of a clear trend. It suggests that traders may want to wait for increased volatility or a breakout from the range before making trading decisions, with possible trading opportunities linked to significant moves in Bitcoin's value.

In the intricate world of cryptocurrency, Litecoin (LTC), one of the leading digital currencies, has recorded a modest 0.33% recovery over the previous hour, currently trading at ZAR 1,571.36. Litecoin boasts a substantial market capitalization of approximately ZAR 114.87 billion, cementing its position as one of the key players in the global cryptocurrency arena.

Delving into the numbers, Litecoin has seen a dip of 3.08% in the past 24 hours. However, looking at broader timelines, the digital asset shows a decrease of 1.29% over the last week, but a slight uptick of 0.47% over the previous month. The 6-month change illustrates a minor gain of 0.18%, indicating that Litecoin has remained relatively static, in contrast to the more pronounced downtrends observed in the overall crypto market.

The recent hourly recovery of Litecoin signals potential short-term support around the ZAR 1,560 level. However, Litecoin could face resistance around ZAR 1,667 where the 50-day moving average is converging, providing key insights for traders, particularly those in South Africa, monitoring Litecoin’s movements.

Key Levels for South African LTC Traders to Monitor

On the downside, the recent swing low around ZAR 1,543 seems to act as a short-term support. Should the price decline further, the 2022 low near ZAR 1,334 becomes increasingly relevant.

For upward momentum, Litecoin needs to clear the 50-day moving average, hovering around ZAR 1,667. Beyond that, resistance is projected around the 2022 highs, which stand near ZAR 1,877.

Overall, Litecoin appears to be fluctuating between ZAR 1,334 and ZAR 1,877 in the short term. A breakout above ZAR 1,877 could signify a bullish breakout from this trading range, offering promising opportunities for South African investors.

Is It the Right Time for South Africans to Invest in Litecoin?

Given Litecoin’s current range-bound status and the absence of a definite trend, traders might consider holding off until a breakout occurs before committing to a particular trading direction. More adventurous traders could contemplate purchasing dips near the ZAR 1,543 support level or selling rallies near the ZAR 1,667 resistance point.

However, the prevailing low volatility makes significant swing trades less enticing. Litecoin might experience a surge in volatility if Bitcoin makes a decisive upward or downward movement, which could in turn unveil improved trading prospects for Litecoin.

In summary, Litecoin seems relatively confined in the short term between ZAR 1,334 support and ZAR 1,877 resistance levels. The lack of a clear directional bias makes Litecoin less attractive for trend-following strategies. Traders, particularly in the South African market, might want to wait for a surge in volatility or a breakout from the existing range before committing to bullish or bearish trades.

*Currencies in the article have been converted to the South African Rand

Visited 1 times, 1 visit(s) today
Do you have a news tip for Rateweb reporters? Please email us at


Start trading with a free $30 bonus

Trade stocks, forex, commodities, metals and CFDs on stock indices with an internationally licensed and regulated broker. For all clients who open their first real account, XM offers a $30 trading bonus without any initial deposit needed. Learn more about how you can trade over 1000 instruments on the XM MT4 and MT5 platforms from your PC and Mac, or from a variety of mobile devices.


Personal Financial Tools

Below is a list of tools built to assist South Africans to make the best financial decisions:



South Africa’s primary source of financial tools and information

Contact Us


Rateweb strives to keep its information accurate and up to date. This information may be different than what you see when you visit a financial institution, service provider or specific product’s site. All financial products, shopping products and services are presented without warranty. When evaluating offers, please review the financial institution’s Terms and Conditions.

Rateweb is not a financial service provider and should in no way be seen as one. In compiling the articles for our website due caution was exercised in an attempt to gather information from reliable and accurate sources. The articles are of a general nature and do not purport to offer specialised and or personalised financial or investment advice. Neither the author, nor the publisher, will accept any responsibility for losses, omissions, errors, fortunes or misfortunes that may be suffered by any person that acts or refrains from acting as a result of these articles.