- The price of Litecoin must break $65 to avoid more losses
- Overall market improvement has stopped
- LTC’s technical indicators show near-term bearish outlook
Litecoin news today – The LTC price has made great progress since 2020 began. Despite hitting a snag last month the fortunes of some tokens have started to become positive. Despite the slight bullish signs, some coins will still need to meet stringent points to stay with the bulls. Unfortunately, the entire digital asset market hasn’t shown much improvement in the last 24 hours. Growth has somewhat stagnated. As the number one digital asset by market cap, BTC, continues its sideways movement, so do the majority of altcoins. Litecoin isn’t exempted. It shouldn’t be a surprise that the price of Litecoin climbed marginally to the $62.83 area, an increase of 0.26% at press time.
Where is the Price of Litecoin Price Heading?
Litecoin (LTC) Price Today – LTC / USD
According to analyst, Botje11, after taking a critical look at LTC’s technical indicators a bearish movement is now a possibility for LTC/USD in the near term. The analyst also stated that even though the bulk of the crypto market is in a confusing place, the price of Litecoin is signaling clear bearish pressure as its volume continues to decline. On the other hand, the price movement of the coin is forming a bearish wedge shape in the near term. This bad news does not end here. The digital currency analyst also predicts that there is a selloff among most investors. However, if the price of Litecoin must halt its decline, it must break the $65 point. Let’s assume the wedge pattern issued by the analyst plays out, the mid-term prediction for the Litecoin price is a decline to the $50 mark. From this point, the formation of the V shape bottom will play out in the following one or two weeks.
Litecoin news today – Analyst Says $65 is a Key Position for Litecoin
Another digital currency analyst Alex Clay has suggested that the former resistance for LTC is now turning to a strong support point. It is holding the LTC price. Just like Botje11’s prediction, Alex Clay sees the $65 point as a key area. This suggests that if the LTC price can break past this area it will move into a good buying area. Regardless of a bullish prediction for the digital asset, investors must remember that if the price of Litecoin drops beneath the 50% Fib retracement position, Litecoin could enter a full bearish reversal. All in all the widespread transmission of the coronavirus has hit global economies hard, including the crypto market. However, Max Keiser, the host of the Keiser Report, predicts that BTC price will reach $100k this year which is ridiculous.