x
Litecoin news today – In a new day of mostly sideways price action, a few digital assets have reported moderate gains. The tops coin’s like BTC and Litecoin have posted minor rises in value. Bitcoin gained 2% at the time this content was published as the leading cryptocurrency finds its way back to the $6,500 area. Meanwhile, Litecoin has posted slight earnings of under 1% (0.32%). The coin is now changing hands at $39.08.
Analyst Alex Clay recently analyzed LTC’s price action. The trader believes that earnings for the digital asset are on the cards. According to the analysis the trader Litecoin price is rising in an ascending channel. The coin has fixed itself over the $39.03 area. Hence, he opted to take a bullish stance for the asset before setting price targets of $39.65 and $40.20 for Litecoin. Another analyst is known as Trading Alchemist also noted that Litecoin’s price has done well after moving from its support of $38.50. Although, he does not believe that Litecoin price will see much gains. Instead, the Trading Alchemist feels that Bitcoin’s performance will determine LTC’s next action. We will likely see LTC price test support at $36.50 and $37. Sharing the Trading Alchemist’s pessimistic outlook for the digital asset, analyst the Crpt Teddy Bear has also admitted that the market has been behaving unpredictably in recent times. Hence, until the Litecoin price can manage to break above the $39.67 area, the trader has chosen to go for a bearish position.
The price action that LTC has seen in the last few weeks forced the Bollinger bands to squeeze via the 12-hour chart for LTC/USD. Since squeezes are a sign of strong breakouts, the point between the lower and upper boundaries is a no-trade zone. The support and resistance sit at $36 and $40. The outlook that Litecoin price presents is well represented in the 4-hour chart for the coin. At this time, a symmetrical triangle seems to be developing. There is a technical pattern that reveals indecision among the market’s participants before a coin’s price is forced to move positively or negatively. In other reports, during a recent episode of Cred’s Meet Our Partners, Charlie Lee, the founder of Litecoin said he plans to make LTC a fully-fledged currency. Lee explained, that the goal is to ensure that Litecoin is usable for our day-to-day transactions.
Article Produced By
Ufuoma Ogono
