Price analysis

Litecoin (LTC) price forms a strong bottom and is now ready for a trend reversal

Litecoin’s price recently recovered from the $54.30 support against the US Dollar. The coin’s price formed a strong bottom at $60.00 support and signs show that it is now ready for a trend reversal. Additionally, many investors and analysists were convinced that the coin might fall significantly, but they have all been proven wrong.

Price Analysis

Previously, Litecoin’s price had dipped below $55, where it found support against the US dollar. The price had dropped as low as $54.36 before is started an uptrend. According to the daily chart, the coin’s price recovered above the previous lows and a key connecting bearish trend line with resistance at $55.50. Also, there was a break above the 23.6 Fib retracement level of the last decline from the $63.76 high to $54.36 low.

Litecoin Price Analysis LTC Chart

After gaining 9% in the last 24 hours to trade at $61.86, the coin seems ready for a trend reversal as at now. Moreover, even though prices are still trading inside last week’s high low confinement, momentum is building towards higher price levels. All things constant, traders may expect some positive price developments in the coming weeks.

News and Developments

RaspiBlitz, which depends on Stadicus’s RaspiBolt, now offers support for litecoin lightning network. With this new development, users can-through the use of lightning labs implementation, LND-“spin up” their own lightning network node. Nonetheless, they should first have their own RaspberryPi model.

Litecoin platform may continue seeing interest from major financial institutions looking to diversify their portfolio. However, recent debates regarding the platform’s long-term performance have made it clear to most investors that it is not a long-term play. Nonetheless, given the recently increased adoption, more investors may still want to add Litecoin (LTC) to their portfolio.

Do you agree that Litecoin is no longer playing the long-term game?

Share your views in the comments section below

coinmag

Having contributed to many leading financial blogs, Ken's love for cryptocurrencies and the blockchain technology has him on high alert on all price developments within the cryptocurrency sphere.

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