Litecoin Price & Technical Analysis: LTC May Stop the Selloff

On Oct 4, Litecoin is trying to recover after a selloff earlier this week. The crypto is now trading at $58.87, adding 2.27%.

Photo: Roboforex / TradingView

Photo: Roboforex / TradingView

On Oct 4, Litecoin is trying to recover after a selloff earlier this week. The crypto is now trading at $58.87, adding 2.27%.

Previously, Litecoin touched the Sep 25 low at $54.34, where the market tried to start buying. All this time LTC was under the bearish pressure, but once the overall situation stabilized, the selloff paused, says the Chief Analyst at RoboForex Dmitriy Gurkovskiy.

Technically, LTC is breaking out the midterm uptrend support on H4, which may then lead to forming a downtrend with the target at the lower projection channel support near $52. However, right now the price may also test the broken out support, which has now become resistance. At this rate, if it stays above $59.15, it may then reach $63.00. Then, the price may get back to the previous channel and continue rising, which will be confirmed by $63 breakout and then heading to the target at $70.

Meanwhile, announced that it will continue to support Litecoin. Namely, the exchange is going to add Litecoin pairs, such as LTC/BTC and LTC/USD, shortly. The exact date is still unknown, but, overall, the news is quite positive for LTC.

Previously, in Feb 2017, delisted Litecoin saying it’s demand from the investors’ side is low. Over 18 months, according to the exchange’s data, the demand rose drastically, and the crypto is now being returned to the asset list. It is also known that LTC/BTC won’t be taxed for some time.

Overall, Litecoin is fully getting back to the crypto exchanges, such as Bittrex and Gemini, which is going to include LTC to its asset list starting Oct 13. Meanwhile, TD Ameritrade is investing funds to a new exchange, ErisX, where both Bitcoin and major altcoins, including Litecoin, will be traded. Futures trading is also going to become available.

In early October LTC went significantly down, but this was in line with the global sentiment and, therefore, was not a surprising fact.

Disclaimer: Any predictions contained herein are based on the authors' particular opinion. This analysis shall not be treated as trading advice. RoboForex shall not be held liable for the results of the trades arising from relying upon trading recommendations and reviews contained herein.

Dmitriy Gurkovskiy

Dmitriy Gurkovskiy is a senior analyst at RoboForex, an award-winning European online foreign exchange forex broker.

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