Why Litecoin May Soon Post Major Gains Despite Current Bearishness

Home » Cryptocurrency » Why Litecoin May Soon Post Major Gains Despite Current Bearishness
November 12, 2019 by
Why Litecoin May Soon Post Major Gains Despite Current Bearishness

Litecoin (LTC) has been facing an ongoing influx of selling pressure ever since its mining rewards halving that occurred this past-summer, which sparked a deep-cutting sell-off in spite of the fact that many investors and analysts had believed it to be a bullish event.

In the near-term, analysts are noting that they anticipate the cryptocurrency to see further upwards momentum, especially against LTC’s Bitcoin trading pair.

Litecoin May Be Positioned for Upwards Momentum in Coming Months

At the time of writing, Litecoin is trading down just under 2% at its current price of $60.80, which marks a notable drop from LTC’s daily highs of $63.00 that were set yesterday.

LTC’s bearish price action as of late has largely been influenced by that of Bitcoin, which has been struggling to gain any upwards momentum as it trades just a hair above its key near-term support level at $8,700.

Litecoin’s current bearishness, however, may be short-lived, as analysts are noting that the cryptocurrency may be positioned for further gains in the near-term as it recently broke above the upper boundary of a descending triangle that it had been trading in for multiple months.

The Crypto Dog, a popular cryptocurrency analyst on Twitter, spoke about this in a recent tweet, saying:

“I haven’t looked at the $LTC chart in months, just opened to this. Wow,” he said earlier this month while pointing to the chart seen below.

Will LTC’s Bitcoin Trading Pair Skyrocket in Coming Few Months?

The Crypto Dog is not alone in offering a bullish assessment of the cryptocurrency, as DonAlt – another well respected cryptocurrency analyst – offered a similarly bullish LTC analysis in a recent tweet, telling his 123k followers that altcoins like Litecoin are looking better positioned for near-term gains than BTC is.

“$LTC: While the world is panicking looking at BTC the altcoins are looking better and better. ‘But what if BTC moves and [messes] it up?’ Well tough luck, that’s why we’ve got risk limits. There is no money in covering in fear at support,” he said while pointing to the chart seen below, which elucidates that he anticipates LTC to climb against BTC in the coming few months.

Although Bitcoin is currently showing some bearish signs, it is important to keep in mind that further BTC downside could prove to be a bullish thing for embattled altcoins like LTC.

Source: News Btc

Leave a Reply

Your email address will not be published. Required fields are marked *

© Copyright 2018 Coinstituency. Risk Disclosure: Coinstituency will not accept any liability for loss or damage as a result of reliance on the information contained within this website including data, quotes, charts and buy/sell signals. Cryptocurrency trading on margin involves high risk, and is not suitable for all investors. Before deciding to trade foreign exchange or any other financial instrument or cryptocurrencies you should carefully consider your investment objectives, level of experience, and risk appetite. Coinstituency would like to remind you that the data contained in this website is not necessarily real-time nor accurate, meaning prices are indicative and not appropriate for trading purposes. Therefore Coinstituency doesn’t bear any responsibility for any trading losses you might incur as a result of using this data. Coinstituency may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.