While analysts suggested the Litecoin price was set for a correction, it appears as if the market has different ideas.
At the time of writing, the Litecoin LTC price is showing mainly sideways movement, rising a little over one percent (1.22 percent) to $59.83.
Where analysts think the Litecoin price is headed
Yet, analysts are bullish on the prospects of Litecoin LTC price. As one analyst, Kyer notes, since the Litecoin LTC price failed to close above the weekly resistance level of $80, the move has broken down the next strongest weekly support level of $56.
It’s here where he expects the Litecoin LTC price to halt its downward trend and begin its recovery.
Similarly, analyst Joel CoachK has emphasized the bullish stance on Litecoin. The analyst notes that Litecoin has a high timeframe Hidden Bullish Divergence, similar to that of Bitcoin at the moment. This occurs during a correction in an uptrend when the oscillator (indicators used to analyze securities that are not trending but trading in a range) sets a new higher high but the price doesn’t since its consolidating.
Further, he notes that the daily Relative Strength Index (RSI), used to chart the current and historical strength or weakness of an asset based on its closing price, is showing a buy signal which coincides with the four-hour chart. Moreover, the low timeframes have taken a turn for the better, with an increase in buy volume over the last few hours.
Litecoin is targeting a summer launch for its new privacy testnet
Recently, in a Mimblewimble (MW) progress update, MW lead developer David Burkett revealed that they are hoping to release the Mimblewimble testnet at the end of summer. This will include all block and transaction validation rules, basic P2P messaging, transaction pool, syncing, as well as block mining. However, it will not include a usable GUI wallet for casual users to test.
Featured image by Piqsels
Disclaimer: The information provided is not trading advice but an informative analysis of the price movement. Cryptopolitan.com holds no liability towards any investments based on the information provided on this page.