The close of Litecoin (LTC) this week will probably set the trend for the next significant move in the values of the coin – as indicated by the technical charts of the coin. Last week, the values of the digital currency were highly unstable, and the digital currency tested the lows of $72 and the highs of $84, before ending the week with a trading value of $80.
As a result of this, the digital currency is still under the mercy of last week’s price action. This means that a convincing bullish run –preferably over the high of last week – could result to a significant price rally and lure bargain hunters.
On the other hand, if the digital currency trades below its last week’s low, then a lot of investors will possibly liquidate their holding, and this will result in another round of massive selloff.
Litecoin Price Today: Current Price of LTC
Litecoin is still holding the number 6 spot on the list of top digital currencies in the market based on market cap. Over the past twenty-four hours, the digital currency saw an increase of 10 percent in its value, and it is now trading at $88. The digital currency has a market cap of $5.05 billion and a trading volume of $345.75 million over the past twenty-four hours.
Litecoin (LTC) Weekly Chart
Last week, the digital currency created a doji candle at the major support level of $79. Doji candles usually represent indecision, nevertheless, the doji could be seen as a representative of bearish exhaustion when compared to the decline of the selloff from its all-time high of $369.
If the digital currency closes over its current value this week, it would indicate a bearish-to-bullish trend change. If this happens, the digital currency could surge to the $100 mark or beyond in the coming weeks.
Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.