Litecoin News And Price Analysis: LTC Tests Important Support As Coin Strives to Move Past $77. Tuesday, August 7
Better Days may Be Ahead for Litecoin
At the beginning of the year when Litecoin started losing value, many holders thought it was a necessary correction as a result of the massive bullrun towards the end of last year. However, the bearish market has had an extended stay and impact on the coin.
These have been times that the coin experienced recoveries but the reversals have always seen the coin value lower than what it was before it short bursts or mini rallies.
Litecoin is no doubt oversold and in the coin market, it is an indication that a remarkable recovery is on the way. In reality, many holders of the coin have sold them at losses because they lost confidence in its ability to see sustained positive movement. However, analysis of the current trend shows that the expected rebound will likely occur at any time.
Analysis from the coin market says that with Litecoin in the oversold region, it is apparent the bulls will soon kick in.
Litecoin Tests Important Support As Coin Strives to Move Past $77
Litecoin price tested an important support near $72.50 according to analysts, but the coin has recovered and is presently trading at $74. Though the recovery was expected to have gone higher, the resistance of $77 was challenging for the coin to reach and it fell just short of the mark.
After the attempt at getting to the key resistance of $77, Litecoin retracted to the key support of $75 and the next key support of $72.50. The upward correction saw the coin trade above the $74.50 mark. The key bearish line with a resistance is located at the $77 mark which the coin must bridge to gain enough traction for further upward movement.
The coin is showing some positive signs, however it needs to avoid the lower support of $72.50 and clearly keep values above the $77 to enter the bullish zone.
LTC/USD Price Chart, Tuesday August 7th:
Follow TokenTops on Twitter to stay notified about new articles, cryptocurrency news, ICO announcements and price predictions and analysis.
Legal Disclaimer: Please remember that trading, buying or any other type of investing in cryptocurrencies should be consider risky and may lead to the loss of all of the invested money. For further information visit Terms and Conditions section on TokenTops. We do not encourage our readers to any kind of financial decisions. Neither tokentops.com nor its parent companies accept responsibility for any loss, damage, or inconvenience caused as a result of reliance on information published on, or linked to, from tokentops.com. We believe that everyone should make their own and in depth research on the particular topic in various sources before making any financial decision and this person should be the only one responsible for the outcome. Our writers do their best to remain unbiased and don't actively support any project. The research is done with various sources, the predictions are based on own believes, analytical skills, experts and community discussions and is intended to convey general information only.
You may also like
Weekend Ends In Losses For Litecoin LTC After A Short Price Rally
Litecoin Commanding The Market With A 12% Surge
Litecoin Is Up By 8%, Gets Back Above $25
Litecoin LTC Headed For A $20 Position, Can The Bulls Salvage The Coin From Its Wreckage?
Litecoin Back Below $30, More Trouble For The Coin?
Litecoin On Track To Hit $35, Will This Recent Rally Stick?
You need to login to create comments.