Analysts warn Litecoin LTC price needs to break $65 or risk further losses

Unfortunately, the market isn’t showing much improvement over yesterday. As Bitcoin continues its sideways movement, so do many other coins, Litecoin included. It’s no surprise then that the Litecoin LTC price climbed marginally to $62.83, an increase of 0.26 percent at the time of writing. 

Where is the Litecoin LTC price headed?

Analyst Botje11 has taken a look at Litecoin’s technicals and has suggested a bearish movement in the near term. While stating that most of the market is still in a confusing place, Litecoin is showing clear bearish signs as volume continues to drop while the price movement forms a bearish wedge shape. The bad news doesn’t end there as the analyst predicts a selloff among investors. 

Litecoin LTC chart provided by Trading View

However, for the Litecoin LTC price to halt its decline, it needs to break through $65. Assuming the analyst’s wedge pattern plays out, the graph on the left shows the mid-term prediction, suggesting a drop to a low of $50. From there, the formation of either a V shape bottom formation that plays out within a week or two.

Meanwhile, Alex Clay suggests the previous resistance levels are now forming strong support and is holding the Litecoin price nicely. Much like Botje11, Alex Clay also sees $65 as the key level, suggesting if LTC can break past this it will enter a good buying zone. If this happens he suggests continuing to long LTC. 

Litecoin LTC price chart provided by Trading View

Regardless of the bullish prediction, investors must keep in mind that if Litecoin drops below the 50% Fibonacci retracement level, Litecoin could slip into a full bearish reversal. Additionally, the widespread transmission of coronavirus has wreaked havoc across the world’s economies, including the cryptocurrency market. Despite these concerns, Max Keiser, host of the Keiser Report, believes Bitcoin will touch $100,000 this year.

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.