Litecoin aims to hold $40 support and stop further decline

LTC

Before the crypto market crashed early in the week, Litecoin was perhaps one coin that had shown a lot of bullish promise. At the time, LTC had finished a 4-week consolidation phase, and bulls had managed to hold the $51 support. It was only a matter of time before the coin rallied. But this week things have taken a turn for the worse. Here are some of the facts:

  • LTC shed $51 support as market pressure set in
  • The coin, however, managed to hold the price action above the next support of $41.
  • If this continues, LTC could genuinely avoid a major drop in the coming weeks.

Litecoin price prediction – Is a trend reversal coming

Right now, overall sentiment and trends in the crypto market point toward major losses. The market is in full bear mode, and trade volume has reduced significantly. It’s therefore hard to see any sustained bullish environment. However, there are some positives from an LTC point of view.

First, despite the reported selloff in crypto this week, LTC losses were much lower than other major coins. Additionally, the token managed to ward off the bears at $41. It shows a lot of resilience.

And besides, LTC has rallied over the last 24 hours with a 10% gain. These conditions suggest that LTC will be able to stay above the $41 support for now. While this may not trigger a decisive bull run in the short term, it could limit further downside.

How to trade LTC for now

The downside risk below $41 is huge. If LTC were to lose this support, we could see a 40-50% decline.

So, the key is to give the coin a few days. If bulls are still able to defend $41, then you could buy for the short term.

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