October update: should you buy or sell Litecoin?

 should you buy or sell Litecoin?

The price Litecoin (LTC) has advanced from $44 above $48 in less than several days and the current price stands around $47. Litecoin has found strong support around $40 and the technical picture implies that the price may recover above $50 this October.

Fundamental analysis: Volumes are expected to increase

We can say that the cryptocurrency market has stabilized, there is no big price movement in the last several weeks and the price of Litecoin is close to the current resistance level which stands at $50. If you are looking for virtual currencies with a good return, Litecoin can be a profitable investment option according to estimates.

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.

The transaction volumes of this cryptocurrency are expected to increase and the customer base is expected to grow. Once this happens, the price of this cryptocurrency will be at much higher levels and Litecoin could be one of the best performers on the cryptocurrency market in the upcoming period.

The price of this cryptocurrency can also fall in the upcoming days and it is not easy to find the best moment to invest in Litecoin (LTC). According to the latest news, Litecoin (LTC) developers are relaunching the MimbleWimble testnet because European regulators increase their scrutiny on privacy digital assets and solutions.

Popular cryptocurrency analyst and trader Michaël van de Poppe said recently that Litecoin is likely to experience a decline and will not be in the top ten assets by market capitalization.

“The crypto markets are undergoing a series of transitions that will result in a shakeup for previously dominant assets. The first transition would result in maturation and market regulation for Bitcoin and blockchain, while the second would cause the jettisoning of “overvalued Top 10 coins,” including XRP, Litecoin and Bitcoin cash,“ said Michaël van de Poppe.

If the price falls in the upcoming period, every price in a range from  $30 – $40 could be a very good opportunity to buy Litecoin.

Technical analysis: The price may recover above $50 this October

Data source: tradingview.com

On this chart, I marked important resistance and support levels. The important support levels are $40 and $30, $50 and $60 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.

Summary

Litecoin has found strong support around $40 and the technical picture implies that the price may recover above $50 this October. If the price jumps above $50 it would be a signal to buy Litecoin and the next target could be around $55. On the other side, 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. 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”.

The post October update: should you buy or sell Litecoin? appeared first on Invezz.

Publication date: 
10/06/2020 - 21:03
Author: 
Disclaimer

The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.