Litecoin Price Review: Are LTC’s Worst of Times Beginning?
While other altcoins are testing new peaks, Litecoin is struggling to maintain its price range just above $42. Litecoin is only a few points away from falling. Will Litecoin Rise Above $45 In July?
Litecoin price swing
Today, the price movement of Litecoin is determined by the “inverted head and shoulders” pattern, which fixed on the technical analysis chart of the price of a crypto asset in early June 2020. Litecoin has seen a price swing over the past few weeks: in the first half of June, the crypto asset was trading at $40.68.
Amid the overall growth of the altcoin market and the technical weakness of Bitcoin, Litecoin has also joined the upward trend. As a result, we saw the Litecoin test the $42.9 support level. The bulls did not stop at this indicator: in just a few days, the Litecoin price jumped to $45.7.
For Litecoin, this leap is not natural, so some cryptanalysts started talking about the pump of a crypto asset. Litecoin was unable to firmly gain a foothold at resistance levels in the price threshold of $40 to $45, so a sharp jump could turn into a fall in the crypto asset due to weak trading activity. The first signs of this process have already shown themselves: the price of Litecoin has dropped to $42.9.
What is next for Litecoin?
Crypto analysts are ambivalent about the fluctuation in Litecoin’s price over the past few weeks. If the downtrend remains dominant, the Litecoin price could return to the $40.68 level again. If Litecoin falls below the psychological support level of $40, the crypto asset is likely facing a sell-off.
There is also a more favorable scenario for Litecoin. If the crypto asset can hold onto the $42 price region, it has a chance to bounce to $44.6. In this case, Litecoin can get as close as possible to the upper resistance level of $45, which reached the beginning of July.
Thus, Litecoin has both bullish and bearish potential. The further price movement may be affected by the correction of Litecoin with Bitcoin, the general mood in the cryptocurrency market, and the trading activity of investors in the coming week.