Litecoin Technical Analysis: The Currency Position of Litecoin (LTC) Price Doesn’t Indicate Its True Value

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Generally, Litecoin (LTC) is a long-term buy, and after some basic announcements, chances are prices will take off according to the projection of Litecoin price. Although the price action of the coin is saying a different thing, after decreasing by 3% in the last twenty-four hours.

The recent drive of Charlie Lee and the Litecoin Foundation for retail and merchant adoption is certainly paying off. So far, based on how things are turning out, it is obvious that their #PayWithLitecoin campaign on social media has been successful. A lot of payment providers and high ranking merchants have increased their payment options by adding Litecoin (LTC) to their listings.

Litecoin Price Today: Current Price of LTC

 

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In line with the last analysis, there is a clear triple bottom after the bullish bar last week. The $120 level is actually turning out to be a strong buy point for buyers, and that is the reason why the closing nature of this week will either break or make the digital currency.

It is possible that buyers may pick up and reverse the long covering in May as participants of the market jump in and pump prices. Nevertheless, instead of diving in without due diligence, buys are recommended for risk on traders immediately prices are pushed over the $140 level by bulls.

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Daily Chart

At the moment, it is obvious that buyers are in control of price action, and as such, it’s a good move to “buy on dips” now the prices of Litecoin (LTC) found support at the first support level at $115. Because yesterday was bearish contradicting the double bar reversal trend after the 4th and 5th of June, the risk off traders of today can decide to pause trading and watch out to see what happens at the $115 mark.

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