- Litecoin LTC price plummeted after reaching $79.
- Traders remain bullish considering LTC/USD technical analysis
- Litecoin LTC price may still rise to the $70 position
Litecoin news today – According to reports one crypto trader has predicted that the price of Litecoin will rise against BTC in the coming days. The Twitter user and crypto trader who goes by the Monika @TraderSmokey posted an LTC/BTC chart. He used his chart to declare that the price of LTC might rise to the 0.007971 BTC position (that is $70.29) in the coming days. Let us quickly look at his analysis and determine how he got to that conclusion about the digital asset.
Litecoin LTC Price Prediction – LTC Price Trading at $61 79 at Press Time
Litecoin LTC Price Prediction – The price of Litecoin has almost doubled since the beginning of the year. It has increased from $40 at the beginning of January to about $79.54 as of February 24 per data given by CoinMarketCap. Litecoin price plummeted after the sudden drop in the price of Bitcoin from the $10,000 mark two weeks ago. At press time, the number 7 largest digital asset by market cap is now trading at $61.79. However, digital currency traders believe the LTC price might reverse as soon as it reaches the $77.50 position after forming an inverse iHS pattern (Head and Shoulders pattern). The coin is expected to return to bullish status.
Litecoin (LTC) Price Today – LTC / USD
Another analyst has a fresh opinion calling the ‘possible formation of several iHS.’ The Twitter user and analyst who goes by the Monika ‘CryptoWolf’ has taken to Twitter to share a bullish Litecoin price prediction. The crypto commentator believes that the price of Litecoin may go on to form multiple iHS patterns and inevitably hit the $77.50 price point. Here is his tweet on Litecoin:
“LTC. Bearish target hit @ 62$. Possible formation of multiple iHS with neckline at 77.50. Picture from VIP video update released the 16th Feb.”
Litecoin’s Charlie Lee Claims DeFi is Centralized
Litecoin News – Recall from an earlier report when Charlie Lee of Litecoin criticized the Ethereum-based DeFi space. This happened after the Ether-based DeFi lending dApp known as bZx was hacked. After which it was temporarily shut off with the Fulcrum used for trading. In only a few days, another hack followed. This caused the culprit’s profit to double after the two hacks brought in a total of $1.2 million worth of Ether. According to Lee, DeFi apps can only be closed down if another centralized party interferes. However, the LTC founder said the issue with DeFi can not be repaired unless it’s becoming more centralized.