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Litecoin Price Analysis (LTC / USD): LTC Constant above $ 50

From a price point of view, LTCUSD is stable and continues to increase / accumulate $ 50. While there is a solid foundation to support our bullish prospect and short-term purchase recommendation with stops at $ 50, technical candlestick training and favorable advises our optimistic forecasts.

Latest news about Litecoin

The fact is that Charlie Lee, the founder of social media in the seventh largest cryptocurrency in the world, should count his victories. Everything goes back to Monte Gox and its goal of working closely and even collaborating with the world's major trade to support Litecoin.

As one of the pioneer coins that Tushar Jain called infamously a "relic" in his tweet storm, Litecoin is reaping great benefits from its pioneering state and its deep liquidity is due to massive use. Complete with a social media campaign that invites money holders to spend at various LTC support outlets, Litecoin has obtained the consent of Gemini. There is an advantage of being listed in Gemini and one with the goal of an analyst, Gemini is seeing a long-term potential.

Being one of the most open source coins in circulation, Litecoin is still under development and expansion, announcing recently the 0.17 core of Litecoin whose implementation will decrease network fees by a factor of 10. Although this is a double-edged sword considering that Litecoin makes use of a consensus on trial work where miners earn their fees and charge taxes, the side effect will be clear later.

Critics already point to a weak future network while miners move their hash power to alternatives. In addition, Litecoin rewards halving less than 11 months later.

Litecoin LTC / USD price analysis

Weekly chart

Litecoin LTC / USD price analysis

Technically, LTC / USD is bearish and from the beginning it broke below the main support line at $ 70 at the beginning of August. As such, while prices are stable, the events of the week ending September 9 seem to confirm the trend of the embrace of the week ending August 12th.

The clear support is between $ 45 and $ 50 while the immediate resistance is the previous support, now the resistance to $ 70. Between these two levels, prices continue to vary. Unless there are clear breakouts in both directions, then our Litecoin business plan is true.

As before, we will recommend patience for conservative and risk averse traders, while we should keep a positive outlook on LTC as we focus on price recoveries, now that prices are down 80% from the peaks of 2017. However , subdividing under $ 45- $ 50 floor will cancel this showing by opening a torrent of sales looking at $ 30.

Daily chart

Litecoin LTC / USD price analysis

Two things are clear in the daily chart: first, LTC fluctuates within a narrow range of $ 20. Clear limits are at $ 50 – a psychological level and a round number and at $ 70, previous support now resistance . It is also a level test in a general pattern of breaking a bear that broke out in the crash of early August. Secondly, Litecoin has not yet canceled the losses of October 11 despite a temporary recovery on October 15th. It could be due to the $ 50 build-up. But it could also indicate the underlying selling time.

Needless to say, patience should be the case. However, when we apply the Fibonacci retracement rules, we are inclined to suggest spot purchases. This reflects yesterday's bears' refusal to stop at $ 50. In this case, the first purchase targets should be at $ 70. This aligns well with our previous Litecoin price projections.

Disclaimer: The opinions and opinions expressed are those of the author and are not investment advice. Trading any form involves risks, as well as your due diligence before making a commercial decision.

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