- The price of Litecoin LTC drops as the wider market experience slips
- The bulls held the price from moving below $40
- Litecoin LTC price will likely see further losses in the coming days
Litecoin news today – We have seen the digital currency market experience large bursts of volatility over the years and recently at a very high rate. Bitcoin, the market leader has been very volatile in recent weeks. The number one digital currency recently staged a run that saw it break the $7,000 mark once more. This move propelled other tokens to stage bull runs of their own. However, days after this unprecedented rally, the Golden boy of the crypto is undergoing a minor correction.
Litecoin (LTC) Price Today – LTC / USD
This move has taken its price below $7k as it is now correcting at $6,740 at press time. This, the recent course of BTC has reverberated throughout the digital asset market. The bulk of the major altcoins are reporting minor losses like BTC. Litecoin is one of such alternative coins. The virtual currency has declined by 3% to trade at $40.61.
Litecoin Price Prediction – Will the LTC Bulls Stop the Coin’s Price from Lower Lows?
After Litecoin bulls held the at $40.61 level, proponents have wondered whether the bulls can hold this position for an extended period. Digital currency analyst Lemke Capital has closely looked at Litecoin’s fundamentals. The analyst has concluded that Litecoin’s price will likely see further losses after citing the recent price movement. The analyst said we could s further downward movement to $37.50 due to the third wave touching the $40.52 mark. However, if the price of Litecoin can find the needed support at $40, this could reverse the current trend and push LTC towards $44. The chart has created a bearish W pattern meaning we can expect further losses for the digital asset.
Litecoin Price Analysis – LTC Price Has Retraced From its Support Pattern
Another digital asset analyst called Alex Clay, however, was more optimistic than Lemke Capital. Going by his analysis, the Litecoin price has already managed to retrace from its support pattern in the last 24-hours of trade. If there’s a confirmed breakout of this resistance level, then the price of LTC could switch into high gear, which could grant it the opportunity to move for a long position. If this Litecoin price prediction plays out then the digital asset will likely top the $41.31 mark soon. If it can break through that tough resistance area, we will likely see it go even higher. However, if Litecoin’s price loses this support pattern, the losses will be maintained. The latter is looking more likely based on market fundamentals hence, the trader recommends selling at the $40.24 mark.