Litecoin LTC price records gains of almost 5%, approaching $40

As the market builds on the gains it reported yesterday, Bitcoin is reporting earnings of almost nine percent as the apex cryptocurrency crosses the $6,700 region, bringing much of the market up with it. With all the top 10s in the green, the Litecoin LTC price has climbed almost five percent at the time of writing to $39.80. 

What the analysts are speculating

Analyst Future Blockchain has taken a look at Litecoin’s technicals. As per the analysis, the Litecoin LTC price has recently broken up from a falling wedge formation on the one hour chart yesterday and is now looking for confirmation above $40. 

Litecoin LTC price chart by Trading View

Trader Dzhimm has marked a buy zone of between $39.35 and $39.15 with a stop loss set at $38.7. However, given that the Litecoin LTC price is already above these levels, the trader recommends taking profit once the coin touches $40.15. 

Litecoin LTC price chart by Trading View

Another trader, Galileogalileitrend has taken a decidedly bearish stance on the Litecoin LTC price, recommending investors sell. While no time frame is stated, the trader’s analysis confirms their belief that Litecoin will experience a sharp decline, potentially to the mid to late $20s. 

Litecoin LTC price chart by Trading View

Litecoin’s shaky network fundamentals sparks concern

Recently, data acquired by BitInfoCharts has revealed that the number of transactions taking place on Litecoin’s network is nearing a three-month low of over 18,000 as of 22 March 2020. These figures haven’t been this low since the 1st of January 2020, when transactions fell to about 15,266. This didn’t last long, however, as the next day, that number jumped to 31,144. The most number of transactions taking place on Litecoin’s network was upwards of 225,000 seen on the 4th of January 2018. 

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.