Having spent most of the day trading around the $40 mark, the Litecoin LTC price experienced a slight dip to $39. This minor correction has been echoed throughout the market, with all but a handful of altcoins in the red. Those losses appear to be dissipating as, at the time of writing, the Litecoin LTC price is trading at $40.61, up 0.63 percent over the last 24 hours.
Analysts unsure of where the Litecoin price will go
Given the market’s fragility, analysts have provided bullish and bearish scenarios. As per Alex Clay’s assessment, the Litecoin LTC price has formed a symmetrical triangle but is also developing an ascending channel. As such, the trader has recommended taking a long position if there is a confirmed retracement of the channel’s support. If this scenario plays out, he has set price targets at $40.85 and $41.26 On the other hand, if there is a confirmed breakout below this level, be ready to short, the analyst warns. He recommends a sell zone between about $40.43 and $40.28.
Similarly, David Smith has noted that the Litecoin LTC price has been rejected from the upper boundary, so retesting the lower boundary has become a possibility. However, the analyst has suggested that it would likely be a better option to trade the horizontal resistance, set at $41.60, or the horizontal support, set $39.20, whichever way the LTC price decides it wants to go.
Well, known analyst, Willy Woo has stated that, despite Bitcoin recently slipping over 40%, it has been a better safe-haven asset than stocks and even gold. In a tweet, the analyst posted a chart comparing the performance of gold, the S&P 500, and Bitcoin over the last five years. This is added to the list of other reasons to be bullish on Bitcoin.
Visualising what a 50% pull back in BTC price looks like in the bigger picture next to Gold and S&P500.
This is Bitcoin weathering the biggest crisis we've seen perhaps since the Great Depression… the first big test of its safe haven properties. pic.twitter.com/zG0CzKs4N9
— Willy Woo (@woonomic) April 5, 2020
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.