A noticeable improvement across the crypto market today, as some altcoins are even reporting double-digit gains. While Litecoin LTC price may not be reporting such impressive performance, the coin has at least stopped its descent.
Having dropped to around $58, at the time of writing, the Litecoin LTC price is perched at $59.21, an increase of 0.34 percent over the last 24 hours.
Where’s Litecoin going in the short term?
As analyst David Smith notes, the Litecoin LTC price has been rejected from the resistance trendline. As such, the LTC price will likely continue its downward momentum.
With the support level at $58.45, further downward movements could see Litecoin test lower support levels, potentially dipping to $57.05, $55.50, and $53.35.
He recommends foregoing long positions, for now, favoring shorts with stop losses above the resistance trend line.
A long term look at the Litecoin LTC price
Trader FromTheEther has taken a long-term look at Litecoin. As the analyst notes, the last Litecoin cycle took almost four years (about 3.7 years) to recover from old highs.
Currently, Litecoin is a little over two years in, so it’s quite possible we will have to wait a while before we see Litecoin reach its previous highs.
As such, he doesn’t believe 2020 will be the year Litecoin sets a new all-time high. 2021, however, is poised to be much better. This is because 2021 is the relative year to 2017 in the average four-year cycle.
Litecoin LTC price chart by TradingView
As he states, he believes a price surge in the summer, with six months of downward movement. He then suggests we’ll hit a bottom in the winter before surging in 2021, potentially to new highs.
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.