Over the last 24 hours, the Litecoin LTC price has seen some of the best performance over the last 24 hours. While Bitcoin is still struggling to climb over the $10,000 mark, Litecoin is up over 6 percent (6.34 percent), trading at $79.31 at the time of writing. However, despite this exceptional performance, several analysts believe Litecoin may suffer a correction in the near-term.
Litecoin LTC price looks set for a decline
As analyst sirous41533 explains, since the start of the year, Litecoin has been on an upward trajectory. However, this upward path has recently been broken when the Litecoin LTC price made s slight correction from around $84 a couple of weeks ago to about $76. From there, it kept declining to about $69. It made a turnaround and began climbing, breaking through the green channel. As such, the analyst is predicting that Litecoin will soon begin attacking the descending trend line.
Similarly, popular analyst TrendFather has also taken a swing at predicting Litecoin’s possible movement. As per the trader, if the Litecoin LTC price hopes to continue rising above $84.71, buyers are going to have to “fix the price” above Litecoin’s support level of $77.77. If this is unsuccessful, and the price is fixed below this support level, its possible the Litecoin LTC price could dip to $71.56.
However, the good news is that, if the TrendFather is correct and the price can be fixed above $77.77, a target of about $82 could be in sight. If the momentum is there and the LTC price breaks through the support level of $84.71, it could continue rising.
With many investors longing for another cross above the $100 margin, it will be interesting to see where Litecoin heads next.
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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.