- Litecoin Recent Trend and Pattern Shows a Massive Rebound Is Upfront
- Litecoin will likely stabilize after Bitcoin (BTC) halving in May next year
- Willy Woo Believes Altcoins Would Soon Rebound
Litecoin News Today – Litecoin (LTC) is currently among the cryptos struggling in the market. After its halving event, the price of Litecoin (LTC) did not skyrocket as expected. After the halving event, the price of the digital currency plunged to around the $80 range. Since then, it has been on a downward spiral. At the press time, LTC to USD price is just slightly over the $70 mark.
Nevertheless, Litecoin (LTC) is a legendary coin and it is better than most coins in the market based on the new research of Strix Leviathan. Strix Leviathan is a Seattle-based crypto startup. The startup recently carried out a research in which they pointed out that digital currencies that have gone through block halving have outpaced their rivals that have not gone through the same process.
Bitcoin (BTC) Price Today – BTC / USD
Litecoin Recent Trend and Pattern Shows a Massive Rebound Is Upfront
Bitcoin (BTC) halving is scheduled to take place in May next year, and it seems to be a promising one. The halving of Litecoin did not turn out as expected. The price of Litecoin plunged to its 50-week moving average. According to a CL – a crypto analyst – the last time LTC plunged below this level, BTC also experienced a short-term dip. He said that the price of Litecoin (LTC) might stabilize after the forthcoming Bitcoin halving.
LTC found support at the 50 week MA, history repeating again?
The 50 weekly is sitting at 66$, and LTC has recovered to 71$ pic.twitter.com/2V1wD7pJpv
— CL (@CL207) September 10, 2019
CL is not the only one having these thoughts for LTC. Nebrakskan Gooner – another crypto analyst – even has higher hopes for Litecoin. Gooner said that the downtrend initiated from June has been broken. What is left for Litecoin (LTC) right now is to surge towards the $80 range. In his tweet, he said:
“Trend line held on retest which would have been a decent long opportunity. Looking like $79 is a possibility from here near term but I would have to zoom into lower time frames for confirmation.”
Unfortunately I was busy all day today but wanted to update.
Trend line held on retest which would have been a decent long opportunity.
Looking like $79 is a possibility from here near term but I’d have to zoom into lower time frames for confirmation. https://t.co/Z2hR4v5TX3 pic.twitter.com/ooYgzDOfuL
— NebraskanGooner (@nebraskangooner) September 10, 2019
Willy Woo Believes Altcoins Would Soon Rebound
The alt season is far away and Willy Woo believes there is an impending rebound for the altcoin markets. Willy Woo is an analyst at Adaptive Capital. In August, the analyst said that altcoins were moving into support area. Altcoins would have an old ally – a six-year-old support market that has been keeping things afloat – so not all is lost. The RSI (relative strength index) in the weekly time frame has gone deep into the oversold zone than ever before. This means that a rebound is underway.
The story of global alt markets in a series of charts…
Altcoin vs Bitcoin cap now two weeks into being tested on its 6.5 year support line. Weekly RSI is more oversold than its entire history (has been since July!) pic.twitter.com/OUW8mBaEV8
— Willy Woo (@woonomic) September 8, 2019
Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she’s not writing, she spends time with her adorable cat, Ginger and works out often.
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