It might seem negligible to some but a 6% gain in the last 24 hours on litecoin’s price means that the price did confirm the bar bull reversal pattern set by Sept 13 close. This means that the coin’s price is moving forward, and traders can load their current litecoin prices with stops at $50. However, going forward, will the coin manage to hold gains above $55?
According to the daily chart, litecoin’s price made a move above the $54 and $55 resistance levels. There was a break above the 61.8% Fib retracement level of the last decline from the $56.55 high to $47.00 swing low. After the resistance at $53 was breached yesterday, the coin’s price opened doors for more gains settling above the $52 support and the 100 hourly simple moving average.
Taking a look at the coin’s price, it has lost significantly from the levels of $375. Currently, it is trading at $57, after gaining 6% in the last 24 hours. However, investors are worried whether the seventh largest digital currency will manage to hold gains above $55.
Recently, news has not been good for the coin. Also, litepay did not work out for the platform. This is one of the main reasons why the coin’s price has been dropping significantly. Many investors have lost their confidence in the platform, but there are many reasons why we should expect the coin to increase in value very soon.
The coin was enlisted on Coinbase, this represents a huge endorsement. The exchange platform receives millions of transactions daily, thus Litecoin’s traction continues to increase. Additionally, Litecoin fees are lower compared to other digital currencies. As such, this is expected to increase the coin’s adoption, which may, in turn, increase its value.
With the current market conditions, do you suppose litecoin will manage to hold the current gains?
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