Litecoin News Today – LTC/USD Couldn’t Maintain the $42 Area, July 6th, 2020

  • Litecoin price managed to rise to the $42 area
  • Crypto analyst expects LTC price to reverse in the coming months
  • At press time, the price of LTC/USD was changing hands at $41.50

Litecoin news today – The price line of Litecoin gradually made its way to the $42 on July 4 in a brief bullish move. However, this position was not maintained for an extended period. Two analysts have issued predictions regarding the next action for LTC/USD from here. Alice Crypt, a crypto commentator on TradingView expects the LTC price to post a reversal in the coming 6 to 12 months. LTC changed hands at $42.07 for some time. It tested the same posting three times in the last 24-hours. On each occasion, it was unable to sustain this position and fell back below $41.60. At press time, LTC/USD was trading at $41.50.

Litecoin News Today – What’s Next for the Price of LTC?

TradingView analyst VBlha observed and drew a descending pattern on the LTCUSD 1-day chart. The analyst opined that the price of LTC may move downwards on this trendline or show a break above the aforementioned descending trendline. According to this prediction, the LTC/USD trading pair has a very high chance of falling to the $30 level. An 80% chance to be precise. There is also a 20% chance that the price of the digital currency breaks above the descending pattern and gains bullish momentum. In the first scenario which is more likely going to be the probable outcome, the LTC/USD trading pair has been given a target price position of $30.68. If this is the likely outcome, then the digital asset should be prepared for life in bearish control.

Litecoin (LTC) Price Today – LTC / USD

NamePrice
litecoin
Litecoin
$60.49

Litecoin Price Analysis – Analyst Expects Litecoin’s Price to See a Reversal

Alice Crypt is a TradingView analyst. The analyst has discussed a long-term trading outlook for the LTCUSD pair. The analyst drew a descending triangle trend on the LTC/USD daily chart. The analyst believes that the price of LTC may see a revival if it managed to break above the descending triangle pattern that was indicated on the daily chart. The price revival for LTC was first observed back in 2017, and later on in 2019 via the same chart. The analyst also added that there have rumors of Litecoin adding privacy features to its network. Hence, the analyst agrees that such a move could boost Litecoin’s price and give it an avenue to break across its descending pattern in the long-term time frame. Currently, the pair is at a low when it comes to volatility. However, the analyst agrees that the coin may reverse in the coming 6 to 12 months. Time will tell if this analysis will play out. For now, it’s just speculation.

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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