Litecoin News Update: Litecoin Investment Seems Risky, but The Best Way Out Is To HODL

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The general crypto market started with a bearish trend on Monday, reversing gains profits made over the weekend. Although a lot of digital currencies are trading in the green over the week, in the last twenty-four hours, most of them are in the red.

The Value of Litecoin (LTC) surged then dropped

The value of Litecoin (LTC) increased by 1.3 percent over the weekend, a performance that declined the increase of 3.25 percent on the previous day. Today, the digital currency has gone back into the red. The value of the virtual coin declined and went down to the $122 level.

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Litecoin Price Today: Current Price of LTC

During the Asian trading hours, the value of Litecoin surged to $127.95, but the bulls weren’t able to sustain the momentum, reducing the trade to between $121 and $125. At the time of writing, LTC is down by 2.84 percent against Bitcoin and 3.83 percent against the US dollar. The key support level of the coin is at $120.00 and $118.00, and the key resistance is at $126 and $128.

Litecoin Buy Signal

LTC wasn’t able to break below the price level of $110 in the last couple of weeks. On the 29th of May, it traded at the highs of $111 and the lows of $110. That resilience means that buys at the moment would be great for new entrants.

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For a medium-term target, prices around $185 would be achievable. The bulls that take prices to this level would be similar to the momentum of the previous rally. If the value of the digital currency breaks above the medium-term target, the value of the coin could get to the $200 mark.

Short-term targets of over $135.00 and $165.00 would reflect on the 55-Day MA and the 200-Day MA respectively. Nevertheless, the prices of the medium-term are likely to suffer stiff resistance due to the short-term profit locking. Though, it still makes sense to hold.

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