Litecoin, like much of the market today, is reporting mostly sideways movement. As Bitcoin remains hovers around $9,127, the Litecoin LTC price has too remained relatively stagnant today.
At the time of writing, Litecoin is trading at $62.87, an increase of less than one percent (0.79 percent) over the last 24 hours.
However, while the market may be stagnant today, analysts feel that Litecoin has just broken through a key resistance level. And, while the coin may be the seventh-ranked cryptocurrency by market capitalization, history has shown that LTC is capable of leading the crypto market. As such, there are murmurs that Litecoin may be getting ready to hit “new highs.”
Where analysts think the Litecoin LTC price is going
As the crypto trader notes, Litecoin has completed an ABC correction following a five-wave impulse upward. Using Elliot Wave Theory to predict future movements, the coin could be ready for another five-wave impulse upward, potentially setting a new higher high since the crypto market dived in December 2018.
starting to think $ltc may have bottomed, am cautiously long, a break above $69 and id say the bottom is in and new highs on the cards and obviously if ltc bottomed it means corn did aswell.
not full bulltard just yet but it is looking optimistic pic.twitter.com/CBj1IEewkO
— Bluntz (@SmartContracter) March 5, 2020
As noted by the trader, Litecoin has in the past been a leader in establishing trend reversals, with other major altcoins and often Bitcoin following. If this is the case again, we may soon see the whole market perform well.
Trader Alex Clay has made a related prediction, arguing that the Litecoin LTC price has broken through strong resistance and has found support above these levels. As such, he now suggests taking long positions. If the price can break the channel, he suggests it will continue climbing from there.
Litecoin LTC price chart by Trading View
Such a movement may catch some off guard given the uneasiness over the potential effects of the coronavirus as well as the imminent economic recession. However, this move would tie in with what analysts have been saying. Hopefully, investors will fight the urge to panic sell and we will see the market begin its recovery.
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.
