Following the close on Monday at around $61, Litecoin fell less than one percent (0.76 percent) on Tuesday. The coin failed to break through its first major resistance level of $63.46, reversing to about $59.29. Instead of dipping further to its main support level at $58.35, the Litecoin LTC price instead recovered slightly to $61.
Today, much like most of the crypto market, the LTC price has dipped further since yesterday. At the time of writing, Litecoin is currently sitting at $60.13 after losing almost three percent (2.84 percent) over the last 24 hours.
Analysts predict further losses for Litecoin
This downward movement coincides with analysts’ predictions. As Griffin0318 notes, Litecoin, much like Bitcoin and Ethereum, isn’t displaying the most promising signals. He suggests that the Litecoin LTC price has been hovering in the low $60 range for too long now, and is anticipating a move down to around $48 as a result.
Dollero Technology has also taken a swing at predicting Litecoin’s price movement, providing potential bullish and bearish scenarios. In the case of the bullish scenario, they assume Litecoin’s correction has been completed and the coin can begin its next move which should take it to a new high. However, it will face several strong resistance zones, and it’s current angle of decline paints a pessimistic picture.
In the bearish scenario, Litecoin still has further to correct and, as the firm notes, they are expecting less growth once the coin has completed its correction.
Is the crypto market gearing up for a bull run?
Recently, blockchain intelligence firm Glassnode noted that a key Bitcoin indicator has suggested that the entire cryptocurrency market is in the beginning stages of a long-term bull run.
As per the firm, the number of Bitcoin addresses with unrealized profits is now nearing similar levels to the start of three huge rallies. This corresponds with Bitcoin’s hash rate setting new all-time highs. The hash rate depicts the amount of computing power dedicated to processing transactions on the Bitcoin network by miners.
#Bitcoin Unrealized Profit is still at a healthy level, showing no signs that the market has topped.
— glassnode (@glassnode) March 2, 2020
So, while the market is currently underperforming, perhaps as a result of the coronavirus, if the technicals remain strong, we might begin to see the market recover. Coincidentally, noted American economist Nouriel Roubini, known for his anti-crypto stance, has warned against the impending global recession which may be provoked by the new coronavirus outbreak.
Featured image by Piqsels
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.