Earlier than the crypto market crashed early within the week, Litecoin was maybe one coin that had proven quite a lot of bullish promise. On the time, LTC had completed a 4-week consolidation part, and bulls had managed to carry the $51 help. It was solely a matter of time earlier than the coin rallied. However this week issues have taken a flip for the more serious. Listed here are among the details:
LTC misplaced the $51 help because the strain available in the market took maintain
The coin has nevertheless managed to maintain the worth motion above the subsequent $41 help
If this continues, LTC may genuinely avert a serious decline within the coming weeks.
Knowledge Supply: TradingView
Litecoin value prediction – Is a development reversal coming
Proper now, general sentiment and tendencies within the crypto market level towards main losses. The market is in full bear mode, and commerce quantity has decreased considerably. It’s due to this fact laborious to see any sustained bullish surroundings. Nonetheless, there are some positives from an LTC standpoint.
First, regardless of the huge sell-off reported in crypto this week, LTC losses had been far decrease in comparison with different main cash. Additionally, the token has managed to stave off the bears at $41. This reveals quite a lot of resilience.
And apart from, LTC has rallied during the last 24 hours with a ten% acquire. These circumstances counsel that LTC will have the ability to keep above the $41 help for now. Whereas this may increasingly not set off a decisive bull run within the quick time period, it may restrict additional draw back.
Tips on how to commerce LTC for now
The draw back danger beneath $41 is big. If LTC had been to lose this help, then we may see a 40 – 50 % drop.
So, the bottom line is to offer the coin a number of days. If bulls are nonetheless in a position to defend $41, then you might purchase for the quick time period.