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Litecoin LTC price climbs to $42 but faces strong resistance

Litecoin LTC price climbs to but faces strong resistance ahead

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. 

Litecoin LTC price chart by Trading View

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. 

Litecoin LTC price chart by Trading View

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. 

Litecoin LTC price chart by Trading View

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. 

Richard Allen

Richard Allen

Richard specializes in writing about cryptocurrencies globally, as well as other financial and economic articles, covering various geographical locations and markets. He leverages his experience in financial issues management to advise clients on the relevance of media coverage in relevant markets. He holds a BCom degree in marketing.

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