In the last few days, the price of Litecoin has shown slight fluctuations to the upper and lower end borders. The Litecoin exchange rate is in the range of $40, while yesterday the price fell to $39, but then quickly rebounded to the level of 40, 61 dollars. Thus, the price of Litecoin increased by 0.63% over the past day. This correction indicates the possibility of a breakthrough Litecoin shortly.
Which scenario will Litecoin go for: Bullish or Bearish?
Analyzing the market behavior of Litecoin, crypto analysts were divided into 2 camps: some believe that Litecoin will go up, while others are convinced that this asset will drop below $40. Well-known trader Alex Clay is convinced that Litecoin expects a bullish scenario, so he recommends opening a long position. If his forecasts come true, the price of Litecoin will be set at the level of the trading range of 40.85 dollars and 41.26 dollars.
Also, Alex Clay notes that the price of Litecoin may go down, so traders should be ready to open a short position and trade at the level of 40.43 to 40.28 dollars.
Analyst David Smith believes that in forecasts for the future of Litecoin, it is necessary to build on the lower limit that Litecoin recently reached. He notes that the best time to trade Litecoin is to achieve an asset level of horizontal resistance of 41, 60 dollars. He also does not discard the bearish scenario, according to which Litecoin may fall to $39.20. According to his opinion, now everything depends on the market behavior of Litecoin.
Positive changes are also noted in the behavior of other cryptocurrencies. In particular, Willy Woo is optimistic about Bitcoin. Despite a recent drop of 40%, the flagship cryptocurrency has demonstrated its reliability in contrast to stocks and gold. To confirm this, a well-known analyst on Twitter compared the performance of the S&P 500 and Bitcoin. He noted the following:
Thus, we can only wait and see which scenario Litecoin will go further: bullish or bearish.
This article is intended as a news item to inform our readers of various events and developments that affect, or that might in the future affect, the value of the cryptocurrency described above. The information contained herein is not intended to provide, and it does not provide, sufficient information to form the basis for an investment decision, and you should not rely on this information for that purpose.