After suffering several days of poor performance, Bitcoin has undergone a slight rally that saw its price cross the $7,000 mark. As a result of that movement, the Bitcoin price has now rallied about 3.5 percent from its weekend low but remains roughly seven percent below last week’s high of $7,470. This minor rally has echoed throughout the market with almost all major altcoins reporting minor gains. Litecoin, number seven on the list, is recording gains of 2.33 percent at the time of writing, bringing its trading value to $43.15.
Litecoin LTC price looks set to stay the course, say analysts
Unsurprisingly, the market’s shift has analysts buzzing, with several bullish predictions emerging. As per David Smith’s analysis, the Litecoin LTC price has broken through an ascending triangle. This should result in additional price increases, though Litecoin will be facing further resistance as it continues. If Litecoin can endure, the trader suggests a price of $46.35 is within the realm of possibility for the near term.
Litecoin LTC price chart by Trading View
Price expected to continue on its trajectory
On a similar note, William Bond has also put forward a bullish scenario. The analyst has marked $43.72 as the ideal buying price, expecting the price to continue on its trajectory. If this plays out, he recommends taking a profit at $51.96. On the chance that the Litecoin’s advance is halted, the trader suggests putting a stop loss at $39.89.
Litecoin LTC price chart by Trading View
Alex Clay, however, is less confident in a continued rally. Instead, he suggests the LTC price is in a descending channel and is close to the resistance trendline. If there is a confirmed rejection from this position he advises taking a short position. The trader has set price targets of $43.42, $42.60, and $41.77 with a potential drop back to $40.96.
Litecoin LTC price chart by Trading View
Featured image by Pexels
Disclaimer: The information provided is not trading advice but an informative analysis of the price movement. Cryptopolitan.com holds no liability towards any investments based on the information provided on this page.
