This year has been terrible so far for LitecoinA recent article notes that when the price started to decline at the beginning of the year many thought this was a natural correction after huge leaps made in the price at the end of the year.
However the mainly bear market has gone on much longer than was thought. The price would act as if it were beginning a bull run only to decline even more. This caused loss of interest in the coin and some sold off at a loss.
The future could be rosier for Litecoin
Due to a number of factors the price of Litecoin could begin to recover soon.
One important factor presenting hope for the future is that Litecoin is in oversold territory. There has been a great deal of panic selling and market overreaction. Almost all LTC holders are considering selling the coin as it has kept going down. When an asset goes deep down into oversold territory the price is expected to rise soon. More and more people will begin to think the prices are so low that it is a time to buy. The oversold condition is likely to be short. However, the upswing may only recover part of Litecon’s lost value. The move up could be gradual.
ItBit is a digital trading platform that is regulated by the New York Department of Financial Services (NYDFS) to trade digital currencies in the US. Being regulated it is expected to be attractive to investors. The NYDFS has given ItBit permission to list LItecoin (LTC ). This encouraging news could lead to a higher Litecoin price.
Finally, JP Morgan’s Internal Cryptocurrency prediction report claim that Litecoin along with others such as Bitcoin, Ethereum, Ripple are coins that will survive. This may help allay fears that Litecoin is on its way out.
Last week analysis of Litecoin price
A recent article notes that Litecoin’s (LTC) price has been under pressure below the $59.50 and $60.00 dollar resistance levels. There is a key bearish trend line with resistance at $56.00 on the hourly chart. Litecoin could trade in a range for some time before it can recover above the $57.00 level.
During the last week there were heavy drops below the $65.00 and $60.00 supports. BTC even traded below the $55.00 support level but buyers appeared near $52.00.
A break above the trend line of $57.00 and the 100 hourly simple moving average (SMA) is needed to push the price back up to the $59.50 and $60.00 resistance levels. If buyers fail to raise the price above the $57.00 level then it could return to the $52.00 level and even reach $50.00.
Overall the price of LTC is under a great deal of pressure. Any recoveries are likely to face resistance both at the $57.00 and the $60.00 level. Only a close above $60.00 will push the price back into a bullish positive zone.
The trend has been mostly down for most of the day although later in the day there are signs of some recovery. At 0.05 UTC the price was $55.35 while by 13:14 it had dropped to $53.54. At 19:04 the price had recovered by over a dollar to $54.61. While the price is struggling it has not gone down back to the $52.00 level as yet. Buyers may be moving back in thinking the price now is a bargain as suggested on the appended video. The price of Litecoin can be found here.