Litecoin LTC price gearing up for a major bull run, say analysts
As most of the gains experienced across the market over the last several days have largely fizzled out, much of the top 10 is reporting minor losses. At the time of writing, the Litecoin LTC price is down 0.18 percent over the last 24 hours, trading at $39.36.
The Litecoin LTC price is set to dip before surging
While most of the market is reporting minor losses, analyst Project Syndicate has taken a bullish stance on Litecoin’s near future. As per the analysis, Litecoin has taken a similar path to Bitcoin, making it possible that the mid-term floor has already formed, setting the Litecoin LTC price up for some nice gains within the next four to eight weeks.
As for the short term, Project Syndicate believes we’ll see some positive price action before experiencing a pullback. Given Litecoin’s correlation with Bitcoin, the analyst recommends looking for a confluence with the apex cryptocurrency. Finally, the trader recommends being ready to buy once LTC price crosses $40.
On the hourly chart, trader Bixley has identified an ascending scallop. They then predict the Litecoin price will experience a slight pullback in this formation before the bulls take hold and LTC experiences some strong price performance.
These predictions are echoed among traders. Benjamin Blunt has taken a look at Litecoin in order to gauge the broader crypto market. He too believes the Litecoin LTC price is scheduled for a drop after it has been steadily rising over the last couple of days.
i like to use ltc as a guage for the broader crypto market as i find it usually has a clearer structure.
this rise the last few days feels like its been an abc up and now printing a lower high at the 0.618, cant help but feel atleast one more low down to 22-24 is on the cards pic.twitter.com/TBiP9avTvh
— 🍄🌲Benjamin Blunts🌲🍄 (@SmartContracter) March 25, 2020
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Disclaimer: The information provided is not trading advice but an informative analysis of the price movement. Cryptopolitan.com holds no liability towards any investments based on the information provided on this page.