- Recent Bearish Activity Won’t Stop LTC from Posting Major Gains
The Litecoin news today reveals a lot about the recent price action for LTC. A critical analysis of the hourly chart for a Litecoin price prediction found that the digital asset has been facing an extended influx of selling pressure since the networks’ mining rewards halving in the last-summer. Per the LTC news at the time, the halving event sparked a deep sell-off (even though a good number of investors and commentators believed that the event would result in a bullish price action for the digital asset). Analysts expect the digital currency to see fresh momentum which will force an upward price action, particularly against the LTC/BTC trading pair.
Litecoin Price Prediction: LTC to Launch an Upwards Price Action in the Coming Months
As of when this Litecoin news was published, the price of LTC was down by 2% and trading at $60.80. This marks a significant drop from the daily high of $63.00 LTC set yesterday. The LTC news for today also reveals that the recent bearish price action has been influenced by the movement of Bitcoin. BTC has been struggling to gain momentum. It is trading slightly above its key support level of $8,700 in the near term. Experts believe that Litecoin’s bearishness may be short-lived. They are of the view that the cryptocurrency is set to gain momentum and post gains in the near-term.
The Litecoin news today cites the Crypto Dog, a renowned crypto analyst on Twitter. The user tweeted:
“I have not looked at the LTC chart in months. I just opened it now and it appears that the asset is set to post gains in the near term.”
Per the Litecoin news, the Crypto Dog isn’t alone in his view of LTC price gaining bullish momentum in the near term. DonAlt, another popular crypto analyst also offered a similar bullish analysis for Litecoin in a tweet. The analyst told his followers that Litecoin is looking better positioned to record gains in the near-term than the almighty Bitcoin. In his words:
“While the world panics looking at Bitcoin, altcoins like LTC are looking better. ‘But what if the crypto God moves up?’ Well, that’s why we have risk limits.”
Litecoin (LTC) Price Today – LTC / USD
He also cited a chart that confirms his views that LTC will climb against Bitcoin in the coming months. Although the number one cryptocurrency is currently looking bearish, the Litecoin news points out that a further downside for BTC could ensure that altcoins like Litecoin go bullish.