The price of Litecoin (LTC) has weakened from $64 below $43 in less than three weeks and the current price stands around $45. Litecoin has found strong support above $40 but the price of this cryptocurrency is still far away from the LTC price predictions for 2020.
Fundamental analysis: Litecoin has slipped below 10th position on the cryptocurrency market
Litecoin price has been moving in a downtrend last several weeks and for now, there is no signal of the trend reversal. From trading amongst the top 10 cryptos of the market, Litecoin has slipped below 10th position and is now amongst the top 15.
The main reason for this is a lower transaction volume and the fact that Litecoin is unable to surpass the $50 resistance level. Litecoin is a very popular cryptocurrency to monitor since it appears to hold a number of advantages over Bitcoin.
Litecoin provides faster transaction confirmations (2.5 minutes on average) and Litecoin’s transaction fees are, on average, considerably lower than that of Bitcoin. It is also important to mention that the price of Litecoin is correlated with the price of Bitcoin and investors in this cryptocurrency should also have Bitcoin on their “watch list”.
If you are looking for virtual currencies with a good return, Litecoin can be a profitable investment option according to estimates. Despite this, I feel that the price of this cryptocurrency can weaken even more in the upcoming days and maybe it is not the best time to invest in Litecoin (LTC).
Technical analysis: Bulls are focused on breaking the resistance level at $50
The technical picture implies that the price reached the bottom, but is it ready for a rebound? Let’s have a closer look at the chart below.
Data source: tradingview.com
On this chart, I marked important resistance and support levels. The important support levels are $40 and $30, $50, $60 and $70 represent the resistance levels. If the price jumps above $50 it would be a signal to buy Litecoin (LTC) and we have the open way to $55.
Rising above $60 supports the continuation of the bullish trend and the next price target could be located around $70. On the other side, if the price falls below $40 it would be a “sell” signal and we have the open way to $30.
If you are looking for virtual currencies with a good return, Litecoin can be a profitable investment option according to estimates. Despite this, I feel that the price of this cryptocurrency can weaken even more in the upcoming days and maybe it is not the best time to invest in Litecoin. If the price falls in the upcoming period, every price in a range from $30 – $40 could be a very good opportunity to invest in Litecoin. On the other side, if the price jumps above $50 it would be a signal to buy Litecoin and the next target could be around $55.
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