After many altcoins experienced severe losses last month, today they make strides towards recovery. Following in Bitcoin’s footsteps, almost every major altcoin is recording gains, with the Litecoin LTC price climbing from about $41 to where it’s currently perched at the time of writing at $42.09, an increase of just over two and a half percent in the last 24 hours.
Litecoin LTC price looks good in the short term but may be facing strong headwinds
Analyst David Smith has taken a look at the technicals and believes the market’s current performance looks set to continue. As per his analysis, the Litecoin LTC price retraced from the lower boundary of the channel. If LTC can pass the midline of the channel, it becomes increasingly likely we’ll see sustained growth and can consider taking a long position. Alternatively, another opportunity to go long could present itself if we see a correction from the lower boundary followed by a retracement.
Alex Clay has taken an equally bullish stance, stating that the Litecoin LTC price has broken the ascending triangle and now faces strong resistance. If the coin can muster the strength to push through we can take a long position. If the price undergoes a correction to its support line, followed by a confirmed retracement, we will have another opportunity to go long.
Oguzhan Sengor has analyzed the long term price trends of Litecoin and has come to a rather bearish conclusion. Looking at the monthly chart, the analyst states that the Tom Demark indicator – which measures the demand for the underlying instrument – has closed in the red for the last month, indicating a bearish signal for the medium term. Additionally, Litecoin is below the monthly moving average, another bearish indicator. As such, the analyst believes the Litecoin LTC price will drop to $13 in the medium term.
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.