Litecoin Price Analysis: LTC is Trying to Find a Direction

Litecoin is adding 1.20%, trading at around $57.95.

Photo: Roboforex / TradingView

Photo: Roboforex / TradingView

On Thu Sep 27, Litecoin is adding 1.20%, trading at around $57.95. Over the last few weeks, Litecoin was range trading, but the overall midterm trend is still descending, as seen on D1, says Dmitriy Gurkovskiy, Chief Analyst at RoboForex.

Previously, LTC tested the midterm ascending channel support, but failed to break it out. Locally, the crypto is still able to get back to $59.40, and then rise to $62.60. The MACD is in line with it, as it’s ready to break out the zero line and head into the positive territory.

The last high demand period for Litecoin was in May this year, and there have been no major buyouts even since.

For now, the key support for Litecoin is at $55.76, and in case it gets broken out, the crypto may reach $47.02. Meanwhile, the resistance is at $64.00. The MACD is rising and ready to enter the positive territory, which is buy signal. The Stochastic has stopped going down in the positive area, but is still confirming the already formed sell signal.

Fundamentally, Litecoin is in focus when its creator Charlie Lee comments on the crypto market and on LTC in particular.

A few days ago, Mr Lee said he saw Litecoin was under pressure of both traders and some funds that were ‘on the same page’. According to Lee, this is not for nothing. Litecoin is said to be protected with the most state of the art technologies, which makes it one of the most secure. According to Lee, total amount of Litecoin daily transactions is around $200M.

The major goal for Lee is developing the network, including Lightning Network, and promoting the crypto among the investors. The fears around Litecoin are explained by its great potential. Marketing campaigns against Litecoin are based on FUD (fear, uncertainty, and doubt), but Lee does not think this is a serious issue.

The same method is used to persuade people that Litecoin has faded out and has no future, Lee says. He personally thinks, however, that this is not the case.

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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