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Litecoin LTC price: community remains bullish despite minor correction

Litecoin LTC price community remains bullish despite minor correction

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.

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.

Litecoin LTC price: community remains bullish despite minor correction 1

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: 

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.

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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