Litecoin (LTC) Price Analysis: It Needs To Be Above $87 For Bullish Outlook

The price of the Litecoin cryptocurrency is in our latest cryptocurrency news. As statistics show, this is a great time for a  Litecoin (LTC) price analysis because of the recent movements.

As you probably know, Litecoin has started decreasing and bled over 18% from the highs established 2 days ago. This could indicate that the price entered seller’s territory and came up spiking impulsively close to the next significant resistance point.

The fresh altcoin news show that there is a big possibility of another wave to the upside as the Litecoin (LTC) price analysis shows – which is something that will soon be verified from the price levels. If the price manages to hold above the current levels, LTC would be positive. However, it looks more likely that the expected downturn has already started.

From where we stand right now, the Litecoin price needs to hold above $87 for the possibility of another increase to be considered before the starting downtrend of a higher degree. If we see the price below $87, it would enter the territory of the lower range with a worse scenario.

For those of you who don’t know, Litecoin has decreased by almost 19% from its high at $106 which was also its highest point this year. The price is currently traded at around $87 as temporary support has been found at the lower range resistance level.

Looking at the 15 min chart, we can see that the current Litecoin (LTC) price analysis shows LTC falling to the significant resistance zone and below it – retesting the level on two occasions so far. The downfall was made after the price interacted with the resistance level of the expanding triangle which it was in since the last run up from the horizontal resistance zone.

For now, the Litecoin (LTC) price is in a territory where it is between bears and bulls. In the coming altcoin news, analysts expect it to rise just as the market rises – and follow the trend established by Bitcoin and its smaller brothers, Ethereum and Ripple. Analysts expect that the trend will continue and optimists believe that LTC will establish a trend line in the positive support zone.