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Litecoin LTC price faces headwind, but gains may be on the horizon

Litecoin LTC price faces headwind but gains may be on the horizon

The market has entered another round of sideways movement shortly after Bitcoin peaked at about $7,200 yesterday. Now, as the apex cryptocurrency trades at $6,806, the losses are echoed among almost all the top 100 altcoins. Litecoin, however, is actually up slightly after experiencing a decline from almost $46 yesterday to where it is currently trading at $42.12, an increase of just less than half a percent (0.44 percent). 

Litecoin LTC price faces headwind, but gains may be on the horizon 1

Litecoin is facing resistance, but the potential for profit remains

As Alex Clay explains, the Litecoin LTC price has been falling in a descending channel. If the LTC price can reach the resistance level, and assuming we see a confirmed retracement from there, he recommends opening a short position. On the other hand, another potential short position would be if the Litecoin LTC price makes a confirmed retracement from where it’s trading at the time of writing. 

Litecoin LTC price faces headwind, but gains may be on the horizon 2

Litecoin LTC price chart by Trading View

Alternatively, Moon333 has provided a different analysis. As explained, Litecoin is forming a new bullish harmonic shark pattern but will soon enter a potential reversal zone. Therefore, the recommended buying zone has been set between $41.14 and $40.69, with the latter being used as a stop loss. If we see the price make a reversal, the trader recommends selling between $41.66 and $42.70. 

Litecoin LTC price faces headwind, but gains may be on the horizon 3

Litecoin LTC price chart by Trading View

Bad news for Ripple’s XRP

Another major altcoin, XRP has taken a blow as a recent report from Messari reveals Ripple’s cryptocurrency to be the worst-performing cryptocurrency in the first quarter of 2020, excluding Bitcoin. XRP began the year at $0.1939 and ended the quarter at $0.1740, a decline of 10.26%. 

Its unfortunate price-performance stems from several partnerships Ripple has made in an attempt to leverage its liquidity platform, On-Demand Liquidity. At the time of writing, the XRP price is up 0.32 percent to $0.1868. 

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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