A standout in the last day buoying our Litecoin price analysis is the obvious resurgence of Litecoin prices. With a bullish engulfing bar right at main support line at $50, Litecoin buyers are showing their intent as the general altcoin market recover printing greens. Going forward, we suggest Litecoin buys on pull backs with stops at Aug 2018 lows.
Litecoin Latest News
No doubt, Charlie Lee, the founder of Litecoin, the seventh largest cryptocurrency by market in the world and the most active, is a controversial figure. He not only like saying things as they are upsetting supporters but he is a fellow open to ideas and keen to promote Bitcoin. Latest Litecoin news indicates that he caused a stir saying Bitcoin Cash would be nothing if Bitcoin miners staged an attack on Bitcoin Cash “weak” network.
While hashing statistics might be supportive of his claims, it is also clear that Litecoin hashing network is at around six percent that of Bitcoin and the only thing that might be preventing an attack is the difference in hashing algorithm—Litecoin uses Scrypt while BTC use SHA-256. However, what set Litecoin apart is that just like BTC is dominant in the SHA-256 ASIC mining category and resistance to ASIC Boost which many speculate is still in use by BCH, Litecoin rules the Scrypt–ASIC mining category.
Besides, Litecoin worth is in its utility thanks to their never tiring efforts to make the coin mainstream and their earlier social media campaign #PayWithLitecoin which paid off.
In the meantime, Litecoin traders at Bittrex will from Sep 17 begin trading the LTC/USD pair, the company has announced. The fiat trading service will only be available for users whose accounts are older than Sep 4 but still traders from specific US states and verified international account holders shall trade this pair.
Litecoin Price Prediction
Weekly Litecoin Price Chart
A two percent loss on a weekly basis is but an encouraging performance now that the coin was down 20 percent early this week. With this, there is a clear long lower wick meaning sellers are finding resistance in lower time frames in the process thrusting prices back to the $20 trade range marked by upper limits at $70. This level is also our immediate resistance line. All things constant, we suggest traders to exit their shorts and instead, risk off traders can begin fading the markets on every dip in lower time frames. If this revival persists and say bulls reverse week ending Sep 9 losses with buyers closing above $70, we risk on traders can buy on break outs with first targets at $90 and later $110.
Daily Litecoin Price Chart
Right at $50 main support, Litecoin did print a three-bar bull reversal pattern, the Morning Star. This not only cancelled our shorts but with a bullish engulfing bar in place, Litecoin prices on a recovery path and out Litecoin price prediction paints a pretty bullish environment in days to come. If anything, we suggest aggressive traders to buy Litecoin in an otherwise bearish trend at spot prices with stops at Aug lows at $45 with first targets at $70. Needless to say, but any dip below $45-$50 cancels this upbeat Litecoin price forecast.
Disclaimer: Views and opinions expressed are those of the author and aren’t investment advice. Trading of any form involves risk and so do your due diligence before making a trading decision.