- LTC’s correlation to BTC may interrupt its correction
- Litecoin’s daily chart posted a great increase since 2020 started
- The price of LTC could retest $71.94 position
Litecoin News Today – Since the beginning of the collective bearish pattern in the past week, the price of Litecoin recorded a correction. This correction has continued in the last three days to date. From February 24 to date, the price of Litecoin has gone through a decline of 25% as the coin’s value stretched from the $80 mark to its current level at $63.22. In the last 24-hours, the price of LTC has recorded a drop of 13.15%, but its overall trade volume continued to increase and stayed above LTC’s market capitalization at $6.11 billion.
Litecoin (LTC) Price Today – LTC / USD
LTC/USD Daily Chart Shows a Steep Increase Since 2020 Began
Litecoin News Today – Per data on LTC/USD daily chart, we can see a steep increase in the price of LTC evident since 2020 began. However, in the last 2 weeks, the coin has undergone some corrections. At press time, we can see a descending channel taking shape on the LTC daily chart. Which is something that now suggests the possibility of a bullish breakout in the next couple of weeks. Although the possibility of such a turnaround is significant, the bullish momentum is currently spiraling down in the industry. Currently, the price of LTC remains in close proximity to the $66.87 support point. However, the coin’s price will likely re-test some resistance at the $71.94 area in the next week. However, a continuation of bearish pressure in the market could potentially drag the price of Litecoin down to $58.06. A likely trading area for LTC remains between the $73.72 and $63.28 areas in the next month. Per the VPVR indicator, the positions at $73 and $58.06 are still substantially strong supports. Hence, there won’t be any neutral consolidation at the moment.
BTC’s Movement Also Played a Role in Litecoin LTC’s Valuation Recently
Another factor that may have played a huge role in Litecoin’s valuation is the price movement of Bitcoin. Over the past 10 days, Bitcoin had undergone corrections on three occasions, with the slump on 26 February pulling Bitcoin’s value to under $9333. Bitcoin’s fortune, as well as Litecoin’s future, may change under these circumstances if Bitcoin records a surge in price. The correlation between BTC-LTC has risen by 0.81% in the last week, which indicates that both cryptos are susceptible to any collective changes in the digital asset market. It is really difficult to analyze the market’s movement because of the inherent rise in volatility. Even though the trend looks bearish currently, prices might react to independent factors on the way to bullish recovery.