Litecoin (LTC) Finds Strong Support. Litecoin seems to have found strong support close to the $40 level. The technical picture of the digital currency also shows that the price of Litecoin may recover to $60 this month.
A very good team is behind the Litecoin network, as fundamentals of this digital currency are improving steadily. The current price of the digital currency is also close to the current hurdle point that stands at $50.
If you are looking for a digital currency with good returns, Litecoin (LTC) could be a coin to turn to, according to estimates. Litecoin is one of the most popular digital currencies on the market, and it is good to monitor since it seems to hold many advantages over Bitcoin. Transactions on the Litecoin network are much after, with an average of 2.5 minutes for confirmations. On average, the transition fees on the Litecoin network are also considerably lower than that of Bitcoin.
Litecoin Investors Should Have Bitcoin on their “Watch List”
It is also worth mentioning that the price of LTC is closely correlated with the price of BTC, and Litecoin investors should also have Bitcoin on their watch list. This past weekend, the price of Bitcoin plunged below the $10k support level for the first time since late July. However, the digital currency is now back over the $10k support mark and it is currently trading close to the $10,450 hurdle point.
The bulls have been defending the $10k mark for almost a week now, and some analysts believe that Bitcoin might start a sharp rally in the coming days.
This is bullish news for the price of LTC, and this could be a very significant month for the future price of the digital currency. At press time, the major support for the digital currency is close to $45 while the major hurdles on the upside are close to $50, $55, and $60.
Max writes about blockchain projects and regulation with a special focus on United States and China. He joined Smarterum after years of writing for various media outlets.
- Litecoin faces strong near term hurdle at $50
- Litecoin finds strong support on the downside
- Litecoin investor need to watch out for Bitcoin also, as LTC is correlated with BTC
The digital currency market seems stable at the moment. There has not been any major upside or downside movement over the past couple of days, according to technical analysis. This means that the neutral trend is still intact.
After the heavy dip, most digital currencies are not recovering gradually. At press time, almost all the top digital currencies on the market are trading in the green. The price of Litecoin (LTC) is currently around the $48 mark, which is still very far from Litecoin price prediction for 2020.
