Litecoin Will Lead Bitcoin In The Next Bull Run – Willy WooLTC climbs up, refused price correction at major resistance Next line of action for LTC
LTC seems to be guiding BTC price on the short-term trend. LTC/USD pair marks the major resistance at $45.50. LTC will give signals for BTC bullish run says the analyst. According to cryptocurrency analyst and Adaptive Fund partner, Willy Woo, LTC is projected to provide confirmation signal to BTC’S forthcoming bullish momentum.
Currently, LTC is trading against the dollar at $46.00. LTC/USD short-time trend shows a break above the major resistance at $45.50 indicating a likely bullish momentum in the coming days. Currently, LTC is displaying very bullish signs with the relative strength index leading towards the overbought level. According to Willy Woo, he claims that the trend gives signals of reversals in BTC’s market. He went thus: “Using on-chain investor activity, which gives a read of where this may go; LTC is already very bullish, while BTC is still consolidating around an early bullish swing.”
In the past week, LTC made substantial moves but refused to break the above resistance. Remarkably, a breakout above $50 would have pushed the coin to rally above $60. Somewhat, LTC was denied at $48 and it declined to $44 low. The significance is that LTC will encounter another selling pressure.
Litecoin (LTC) Price Today – LTC / USD
Equally, LTC will be obliged to sway between $40 and $50 for a few more days. In the short-term, after its decline, the price corrected upward before coming down. It means that the selling pressure may persist. A decline below $39 is likely to occur if it breaks below the lower price range.
LTC Climbs up, Refused Price Correction at Major Resistance
Litecoin Price Analysis – currently, the price has declined to the support level above the EMAs. The selling pressure will end while the bulls take another step to increase further. Alternatively, the price may break the EMAs which will indicate the commencement of a downward move. The market also declines to level 54 of the daily RSI. This shows that the coin may increase because it is above the centerline 50. The key supply zone is $80, $100, $120, while the Key Demand Zones is at $50, $40, $20.
Next Line of Action for Litecoin LTC
LTC is trading below the above resistance, the coin may continue a sideways move in its previous price range. The price is currently above the EMAs, and it tends to increase. Regardless, if the bulls fail to begin another bullish move, a sideway move will commence. Traders should wait for the price movement of the market before commencing trade. For now, a restriction should be placed at $39 low to halt loss.
Ufuoma Ogono is a cryptocurrency writer with over 3 years experience in the cryptocurrency industry. She dedicates her time to sharing valuable information to members of the cryptocurrency community.