- LTC Price Analysis – LTC price recovery
- LTC price prediction – LTC bearish price trend – price might decline by 4%
2020 started great with cryptocurrencies recording massive and progressive gains in the past few days. Since January 3, the overall market cap of cryptocurrencies has surged by 7% from $185 billion to $198 billion. Going by the 1-hour chart, LTC demonstrated a substantial price recovery, surging by almost 11.5% in the past two days, a growth that ensued LTC’s massive 7% decline on January 2. LTC entered a mounting line formation immediately after the decline, with an ensuing declining trend in volume and sporadic surges as the price loomed the pattern edge, verifying the pattern.
Litecoin (LTC) Price Today – LTC / USD
The 21-hour moving average was observed to be moving beneath the latest price candle, showing a conventional bullish trend for LTC in the short term. Though, the mounting channels seem to cause a trend reversal that would see LTC breaking downwards. Also, the Relative Strength Index (RSI) was establishing lower highs throughout the pattern. As opposed to what was recorded by LTC’s surge in value over the last few days. This formed a condition termed “bearish divergence,” and this could trigger a decline in price in the coin.
Regardless of the moderate bullish signals, the volume indicator indicates that LTC has hit a resistance level at the -1.333M zone. The indicator might likely decline to the -1.351M in the coming days. A growth that could show a short-term decline in LTC’s price via the speculation that the Price will follow the cumulative volume.
This indicates that even after the surge to the upside at around $43.70, a downtrend breakout could still occur. This will push LTC down to the 50% Fib retracement line at $41.30. This might follow some gradual sideways trends until the price attains the breakout level.
LTC price prediction – LTC bearish price trend – price might decline by 4%
Disregarding the weekly surges over the past few months, LTC is currently encountering their lowest figures since mid-2017, the period before the coin drove into the Bull Run. All signs indicate that LTC will increase to $43.7 in the coming day, subsequent by a recovery into the pattern, where it could seek support on the mounting channel mid-line. Though the influence of the active trend on the price movement is perhaps projected, the low activity on the network could trigger a further decline in the value of LTC. This is because a low number of activities on the network could mean lower demand for the coin. The price could move sideways for a while before declining further and breaking downwards to the $41.30 zone in the coming days.