Litecoin price data analysis reveals that the LTC price is finally coming back from correction and is now headed towards a bearish trend.
Litecoin was the first cryptocurrency to rise back up from the crypto winter of 2018. However, it also meant that the crypto will be the first one to correct its price from the oversold/overbought region.
This proved true as the crypto recently saw a correction of almost fifty percent (50%) in its price against the US dollar. The coin is now bouncing back up across several charts.
LTC price managed to rise as high as one hundred and forty-six dollars ($146) where it stumbled a bit in February. The crypto had just risen from $70 and accomplish the milestone of rising above one hundred dollars ($100) as well as breaking several key resistances.
However, the Litecoin retraced its stepped and fell below the hundred dollars ($100) mark. The cryptocurrency is trading at ninety-six dollars ($96) at the time of writing. The crypto must once again break through the resistance at hundred dollars ($100) otherwise the crypto’s price will fall severely.
Moreover, the crypto’s selling trade volume is still lower than its buying volume so the bulls may begin charging again and a breakthrough may be possible.
This is reinforced by the fact that although the price has been declining ever since it reached one hundred and forty-six ($146) the price has never fallen below the support on which it currently resides. This may indicate that the price has a secure footing there and a push might cause it to surge to new highs.
Although on shorter charts we can see that the crypto broke through the support for a while but returned to its position above the support where it currently resides. It is highly unlikely that the price will fall below again as the crypto’s selling volume is way smaller than its buy volume in recent days.
This initial breakout is a very good sign, and with a bit more confirmation, plenty of buyers are likely to step in ahead of Litecoin’s halving event – which is surely priced into the present market action.