While the losses experienced by the crypto market throughout the week seems to be subsiding, many projects are still reporting minor losses while Litecoin LTC price is shaky.
As Bitcoin dips further below the $9,000 mark, major altcoins like Litecoin have also seen their losses aggravated.
At the time of writing, the Litecoin LTC price is currently trading at $61.02, a decline of 0.74 percent over the last 24 hours.
Litecoin LTC price chart by TradingView
What does this mean for the Litecoin LTC price?
Despite this, traders and analysts are generally optimistic about Litecoin’s future. Trader Gasman55 has recently put forward the idea that, after its decline, the LTC price has found support at $60.50.
The LTC price touched this level on three occasions after some sideways movement. Further, the analyst suggests the Relative Strength Index (RSI) has entered oversold territory, implying that the asset has been trading at a lower price and has the potential for a rebound.
Litecoin LTC price chart by TradingView
Similarly, popular analyst David Clay has taken a somewhat bullish stance. He suggests that with the price recently having bounced off the support zone at roughly $60, the Litecoin price pattern is now recording a descending broadening wedge. A bullish signal, a descending broadening wedge occurs when the resistance line and the support line have touched at least twice. If this plays out as predicted, Litecoin could see its price rising to $83.45.
Litecoin LTC chart provided by TradingView
While this typically suggests the price will rise, there’s no guarantee. As such, the trader recommends holding off on any long positions until the Litecoin LTC price can close above the resistance zone of $67.25.
Litecoin announced a new partnership
Some good news for the project as the Litercoin Foundation has recently revealed a partnership with MeconCash. The partnership will see Litecoin being integrated into the M.Pay platform. This will allow Litecoin to be withdrawn into Korean Wong at over 13,000 ATMs in South Korea.
We are thrilled to announce that Litecoin Foundation is partnering with MeconCash to enable Litecoin (LTC) withdrawals to Korean Won (KRW) at over 13,000 atms across South Korea. Read more: https://t.co/yJfSTkRoC9 pic.twitter.com/Mx1njs9AZb
— Litecoin Foundation (@LTCFoundation) February 27, 2020
The news should spark a wave of adoption for the cryptocurrency which will hopefully translate into some solid price performance.
Featured image by Pixabay
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.
