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Litecoin, one of the most traditional cryptocurrencies in the world and Bitcoin’s first hard fork, could be lurking towards $ 70. On November 6, this digital currency broke its second support and was above $ 63.
It was a struggle to reach the first resistance level of $ 70, which it hasn’t reached since last February when it even surpassed $ 80 and stayed in that fight for almost a week.
But, in order to reach $ 70, this digital currency had to stay above the $ 58 support. Will Litecoin be able to advance to retest the resistance levels towards $ 70 or will it return to $ 54 again?
Can Litecoin Rally Be Expected?
While it may seem trivial, the maxim that anything is possible in cryptocurrencies is still true. Therefore, a rally in Litecoin’s value could not be ruled out despite its price falling towards the minimum support level.
One of the most active enthusiasts in recent days on the Litecoin price, @VincePrince, assures that a bullish cycle is more likely.
“All the important levels and the considerable results to evaluate within the current structure suggest that a bullish cycle is safer than the opposite.”
Another one of the cryptocurrency analysts @Solldy explains that the price failed in an attempt to break through the first resistance line. For him, the currency price will return to mid-October levels, pending another event that can help him in a rebound.
In this way, opinions are divided on the immediate future of the price of one of the most important digital currencies. Currently, Litecoin’s market cap is $ 3.8 billion and ranks number 8 in that range.
If it stays above $ 58, Litecoin’s price could again test the $ 64 resistance in its quest for a rally to $ 70. Source: TradingView
The silver of cryptocurrencies
Regardless of which direction Litecoin’s price takes, whether it’s a prolongation of its stagnation or a rebound, the truth is that its importance is of the first order in the crypto environment.
This digital currency was created not as a competition to Bitcoin, but as an alternative with lower fees. Many have called it the silver of cryptocurrencies, bearing in mind that Bitcoin is gold. However, the problems he faced make it unrealistic to consider him silver.
Another fact that could rule out Litecoin’s price rally is its comparison to Bitcoin. Although all altcoins have been beaten by the most popular cryptocurrency, in particular Bitcoin Cash and Litecoin, they were in a very deplorable state for the level and tradition of these.
PayPal damages its reputation with Litecoin and Bitcoin Cash
The performance of both altcoins compared to Bitcoin is so bad that leading analysts have criticized PayPal for putting them on the same level. In fact, last week’s close of LTC / BTC pairs chart showed the lowest levels so far this month for the first.
Since the payment giant PayPal announced it would accept cryptocurrencies on its platform, a lot has happened. So only Bitcoin reacted positively, but Litecoin and Bitcoin Cash, on the contrary, got worse.
This is part of the events that could close the door to a possible rally in Litecoin.
Data to be taken into consideration
Based on the behavior of the next few hours, it can be determined whether Litecoin will have a rebound or if it will continue to stagnate. At the time of writing, Litecoin’s price is $ 58.91 US dollars. If it remains above the last support of $ 58, Litecoin could make another breakout attempt. The rally target some analysts see as possible is $ 64 instead of $ 70 per coin.
