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Litecoin LTC price recovers to $36, more gains incoming?

Litecoin LTC price recovers to more gains incoming

After a week of almost continuous losses, Bitcoin and many altcoins have finally begun stabilizing. The market’s recovery will come with a sigh of relief from investors after several major altcoins experienced significant losses.

Litecoin price took several bad hits as the project fell through multiple support levels, eventually hitting a low of about $25. Since then, Litecoin has been working on its recovery. At the time of writing, the Litecoin LTC price is perched at $36.00, with 1.55 percent in the green. 

Litecoin LTC price recovers to $36, more gains incoming? 1

While the market may have stabilized, fears surrounding the new coronavirus continue to impact the traditional financial market. These fears have spilled into the crypto market as investors have sold many of their riskier assets. As such, analyst NZ Shareman has taken a rather pessimistic outlook on Litecoin’s near-term price performance. 

Where is the Litecoin LTC price going next?

The analyst has noted that the Litecoin LTC price has broken its long term trend line. We can now expect further losses coming, with a measured prediction of $15. It’s possible the coin could dip to the support level of around $13. If it fails to hold here the analyst believes the Litecoin LTC price could slip as low as about $3 by about April.

Litecoin LTC price recovers to $36, more gains incoming? 2
Litecoin LTC price chart by Trading View

Bolot, however, has presented a more optimistic prediction. The analyst sees the current trading price as a good buying zone and expects LTC to increase slightly before seeing another retracement. From there, Litecoin should begin recovering some of the losses experienced throughout the week. 

Litecoin LTC price recovers to $36, more gains incoming? 3
Litecoin LTC price chart by Trading View

Recently, it’s been reported that a group of Bitcoin users, calling themselves CoroHope, have announced their quest to find a vaccine for COVID-19.

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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