Litecoin News Today – Litecoin Price is in a Make-or-Break Position, March 7th, 2020

  • Litecoin LTC price in Make-or-Break point
  • Litecoin LTC price is in recovery mode
  • Litecoin LTC price could run to $70 before finding a big supply barrier

Litecoin news today – The price of Litecoin is sitting on a make-or-break position. The digital asset highly benefited from the recent bull run that affected the entire crypto market from the beginning of this year. However, a brief correction last month took the market down for nearly two weeks. Litecoin was not exempted at the time. Now, things are beginning to look better for the market. The price of Litecoin has seen its stock appreciate by over 116%. As of February 13, the coin’s price appears to have gotten to a market top. The coin is in recovery mode among the top two digital assets by market cap BTC and Ether.

Exhaustion Point Has Ignited an Increase In LTC Selling Pressure

The price of LTC has reached the exhaustion point. It appears that reaching this exhaustion point has, in turn, ignited an increase in the selling pressure for LTC. This caused the digital asset to drop over 33% from its valuation. However, this significant bearish impulse let the coin reach the 50% Fib retracement area. According to the analysis that brought about Gann’s 50% retracement proposition, the above-mentioned Fib retracement level presents an important opportunity for investors to “buy into the dip.”

Litecoin (LTC) Price Today – LTC / USD

NamePrice
litecoin
Litecoin
$49.06

If the Litecoin price is successful in its attempt to bounce off this particular area with additional volume behind it, the coin’s value could surge higher. It could even surpass the recent yearly highs that LTC has posted before now.

Litecoin LTC Price Could Run to $70 Before Finding a Big Supply Barrier

Many activities within LTC have driven adoption for the coin hence driving a bull run. According to data given by IntoTheBlock’s IOMAP, the recent price drop for LTC that took it’s value to $56, allowed no less than 270,000 addresses to purchase over 5.75 million LTC. These purchases were made between the $59 and $63 price positions. When you compare this to the overhead resistance position, it appears the price of Litecoin will run down to the $70 area before it can find a significant supply barrier.

When that time comes, the sidelined investors would likely have come back to the market. This action will eventually be pushing the price of LTC higher. Which in turn will increase the chance of Gann’s 50% retracement proposition happening. Proving its validation. LTC price has made progress as it’s recovery from the brief decline that occurred through the last two weeks continues.

Ufuoma Ogono is a cryptocurrency writer with over 3 years experience in the cryptocurrency industry. She dedicates her time to sharing valuable information to members of the cryptocurrency community.

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