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Litecoin price analysis 23 May 2019; slowly climbing the bear

Litecoin price predictions

Last night was a really big drop in the cryptocurrency market, but Litecoin just surprised everybody with its sink within just a single second.

I mean, we did predict that a bear sentiment would soon hit the market, but looking at the LTC chart, it’s just simply not something we were anticipating to happen overnight, much less within 1 minute.

The price of LTC, dipped from $90 to $85 within just one minute last night, but quickly rebounded, giving the investors absolutely no time to replace their positions.

It’s a given that everybody is furious with LTC right now.

LTC price chart 23 may

LTC chart by TradingView

Due to such a sudden fall, it’s expected that the market will correct itself within the next couple of hours. In fact, it has been well at work of doing so. Climbing up from $85 to $88 within just 6 hours or so.

It’s expected that the most resistance will be felt at the $91 price point, as it was the biggest dip this week. Surpassing it is basically inviting the bear again, so every investor will have to consider to either HODL or succumb to the sentiment.

It’s unlikely that the coin will fall lower than $85 anytime this month, and tomorrow is no exception. Although no major gains should be expected as well.

The support levels right now sit at $85 and $83 price points. If they are broken, then a bull will most likely correct the market once again.

For the short term, I’d hold off until Saturday to make major deposits with Litecoin, as tomorrow is feeling to be quite passive. But Monday is looking promising with a potential $100 breakthrough.

Giorgi Mikhelidze

Giorgi Mikhelidze

Georgian-born blockchain enthusiast Giorgi leverages his software development background for on point market commentary and analysis. A brief stint with Finance Makers and he's now covering crypto news for high authority websites with the tip learned from past experience, "Whenever you see people talking about the weakness of your idea, don't see it as criticism."

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