Litecoin Price: Bulls Begin Consolidating - What Next For LTC? Thursday, November 22nd
Litecoin Bulls Begin Consolidating- What Next For Litecoin?
Litecoin has been stripped off over $10 in value. Like with every other price movement, a price correction follows. Now, the bulls are beginning to consolidate and trying to recover from the recent dip. However, this might not as easy as they might think. The market is still sensitive and any further slide could trigger another plummet. It also remains prone to any negative news from around the market as investors are yet to be convinced that prices have bottomed. For Litecoin, prices seemed to bottom at the $31 position marking a new year low.
Litecoin bulls have so far pushed Litecoin prices up and at the time of press is trading just above the $34 position. The marginal gains being recorded signify that in the short term Litecoin prices should continue crawling back as the bears let go of their grip on the market. Before the market bloodbath, pundits were predicting that Litecoin would end the year in the highs of $500. This seemed realistic at the time given the coin has previously rallied to highs of $350. Given its predicament now, it is highly unlikely that the coin will go as high as $100. However, if the market is kind to the bulls, we should see it rally above $50 which is the position the coin has spent much of its time in the last 3 months.
LTC/USD Price Chart, Thursday November 22nd:
In spite of the market’s volatility at this time, this could well be the best buy opportunity.
With prices looking like they have finally bottomed, many are taking the opportunity to buy cryptocurrencies with great potential such as Litecoin and bet on them rallying soon.
Although risky, buying a cryptocurrency such as Litecoin almost guarantees a handsome reward as soon as the market begins to soar.
In the short term at least, Litecoin should be hitting $40 earning the buyers who buy now some easy $6.
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