LTC Analysts Warn Of Potential Correction As Price Stands At $42

Some LTC analysts warn of potential correction of the price as LTC was trading in the red for the past 24 hours. Along with Bitcoin, EOS, and Ethereum, Litecoin lost 0.33 percent and is now trading at $42 as we are reading in the Litecoin news.

After seeing a huge increase yesterday in which the LTC price increased from about $39 to $42, Litecoin managed to hold on to the gains. Looking at the technicals, David Smith stated that Litecoin was trading in a very tight range today between $41.80 and $43.15. Therefore, Smith suggested trading after the breakout from the boundaries. Alex Clay believes that the Litecoin price will continue its descent and as per the LTC analysts, the price has stabilized in strong support at the $41 price level. Having formed a descending triangle pattern, Clay believes that if the LTC price makes a confirmed breakout below the support level, it will be necessary to take a short position.

A few hours later, the reverse case for Litecoin shows that the price didn’t decline further after finding the support at the $40 price level which could see an intraday high above this level. Litecoin’s intraday high stands at $43 and this level presents a strong recovery possibility for LTC. The Litecoin price retraced to the $42 area but despite the retreat, it still remains 9 percent higher than it was a day ago.

In the recent quarterly report, the cryptocurrency asset management company Greyscale reported that it holds about 2 percent of the circulating supply of Bitcoin. This number resembles an increase from 0.1 percent recorded at the end of 2019. The larger uptick in ownership is attributed to the increasing institutional interest in the Greyscale Bitcoin Trust and the company’s ten crypto funds drew in more than $500 million in investments which was the best quarter on record.

Litecoin is one of the best-known cryptocurrencies that was created back in 2013 when it was worth less than $3. Just like any other cryptocurrency, Litecoin endured multiple turbulences with a series of bull and bear markets that take it to whole new highs and lows. The most important moment for Litecoin was back in 2017 when it rallied from about $4 to more than $415, marking a huge 10,000% return within the year. Since then Litecoin struggled to sustain a comparable amount of momentum and it fell short in the pursuit for a new all-time high in 2019 as it failed to break above the $150 level