Price analysis

Here’s why Litecoin price will go up despite the current bearish trend

Looking at litecoin at the moment, it has dropped significantly from the $375 levels. As such, many investors are worried as to whether it will recover its previous gains or continue to drop. There are some developments that have taken place this year, but they have not performed as expected. However, despite the losses and failure, here’s why litecoin price will go up.

Price Analysis

Litecoin (LTC) has been trading close to $58 for the past one week. The moving averages are flat and the RSI is just below the midpoint. The coin’s price has been consolidating in a large range of $49.466-$69.279 since August 8. A break above the overhead resistance is likely to start a new uptrend that can quickly carry prices to the $90-$94 resistance zone.

Yesterday, a major downside below $55.00 in the coin’s price was witnessed. However, it later corrected higher, but the upsides were limited and the price resumed its decline below the $52.00 level as of writing time. The price declined further and broke the $51 and $50.00 levels. The price started trading at a new weekly low at $49.81 and is still trading below the 100 hourly simple moving average.

Litecoin Price Analysis LTC Chart

 

Why Litecoin Price will go up

First, Litecoin fees are low compared to Bitcoin and other digital currencies. As such, Litecoin is more likely to gain a lot of traction. This may, in turn, attract more investors to use Litecoin, further pushing the coin’s value and price up.

Second, Litecoin has been listed on a number of major exchanges around the world. For instance, it was recently added to Gemini. The listings may lead to increase in demand of the coin, and this may see the coin’s price go up.

Do you think these factors will have any significant impact on the coin’s price?

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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