The market’s impressive performance over the weekend seems to have come to a grinding halt as the vast majority of cryptocurrencies are reporting minor losses today. As Bitcoin retreats from that coveted $10,000 mark, the Litecoin LTC price has dipped a little over two percent (2.27 percent) to $76.86 at the time of writing. Yet, despite this retracement, analysts don’t seem too fazed, partially because they saw it coming.
What analysts are saying about the Litecoin LTC price
In fact, popular trader Byzantine General recently expressed his optimism over the sixth largest cryptocurrency. The analyst draws attention to four technical factors which are cited as the main reasons for the optimistic outlook.
Byzantine General states the one-week Moving Average Convergence Divergence (MACD), which shows the relationship between two moving averages, has entered bullish territory as it forms a positive cross. The Ichimoku Cloud, a useful indicator that defines support and resistance levels as well as identifying trend direction and momentum, has also crossed bullish. Additionally, the Litecoin LTC price has recently crossed a significant resistance level, crossing into support on a weekly basis. And, finally, the trader states that Litecoin’s weekly supertrend has turned bullish.
Bullish W MACD cross
Bullish W ichi cross
Major S/R flip
Weekly supertrend turned bullish
— Byzantine General (@ByzGeneral) February 23, 2020
This bullish sentiment is echoed by analyst kyer. As per the analyst, the Litecoin LTC price looks poised to hit $83.43, which is where the priced landed the last time it made a move upwards. If Litecoin can close above $77, it becomes increasingly likely we’ll see the coin surge to the monthly resistance at $95.
The community remains confident
Members of the Litecoin community have also not been deterred by the recent price correction and have expressed their confidence in Litecoin:
For me the best looking major on HTF is clearly Litecoin. pic.twitter.com/py9KY4psLZ
— CryptoBrick (@brett_warnock) February 24, 2020
Just bought a spot bag of ltc again. Weekly closed insanely bullish and imo we're just retesting demand here. Invalidation below red, first target weekly mid range. pic.twitter.com/bRXTslMFcS
— George (@George1Trader) February 24, 2020
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.