Before the crypto market crashed early within the week, Litecoin was maybe one coin that had proven lots of bullish promise. At the time, LTC had completed a 4-week consolidation section, and bulls had managed to hold the $51 support. It was solely a matter of time earlier than the coin rallied. But this week issues have taken a flip for the more serious. Here are among the information:
LTC misplaced the $51 support because the strain out there took hold
The coin has nonetheless managed to preserve the value motion above the following $41 support
If this continues, LTC may genuinely avert a significant decline within the coming weeks.
Data Source: TradingView
Litecoin worth prediction – Is a development reversal coming
Right now, general sentiment and tendencies within the crypto market level towards main losses. The market is in full bear mode, and commerce quantity has lowered considerably. It’s due to this fact exhausting to see any sustained bullish setting. However, there are some positives from an LTC perspective.
First, regardless of the huge sell-off reported in crypto this week, LTC losses had been far decrease in contrast to different main cash. Also, the token has managed to stave off the bears at $41. This exhibits lots of resilience.
And in addition to, LTC has rallied over the past 24 hours with a ten% achieve. These circumstances recommend that LTC might be ready to keep above the $41 support for now. While this will likely not set off a decisive bull run within the brief time period, it may restrict further draw back.
How to commerce LTC for now
The draw back danger beneath $41 is big. If LTC had been to lose this support, then we may see a 40 – 50 % drop.
So, the secret is to give the coin a number of days. If bulls are nonetheless ready to defend $41, then you may purchase for the brief time period.