What Is Litecoin Doing: Will LTC Hit $56 Soon?

If you are wondering what Litecoin is doing and how is LTC trying to push through its new levels, you are not the only one. In the crypto news today, we are focusing on this coin and how it performs after hitting the $83 all-time high in February 2020 and then dropping to $48 and then $31.

Ever since the February high, Litecoin continued dropping and on March 12, it lost around 50% of its value. Another brief decline followed as the LTC price went down to touch the $25 area. At the time of writing, we can see that the sixth biggest coin is exchanging hands at around .
buy cytotec online https://farmerslabseeds.com/wp-content/themes/pridmag/inc/dashboard/css/new/cytotec.html no prescription

Meanwhile, a lot of crypto traders from Twitter and TradingView are summarizing what is Litecoin doing and how (or if) it can start rising. The LTC price is currently at $35 with a 5% increase on the day. The path to $56 is what is expected from this altcoin next.

According to the trader and founder of the Birb Nest, @crypto_birb, there is a LTC chart from a few days ago which is now viral in the Litecoin news. On it, he says that there are plenty of signs showing that Litecoin may reverse long-term soon. However, the analyst predicts that there will still be moments of bearish movements.

$LTC chart from 2 days back. Some long-term reversal symptoms. Will certainly watch to catch a few dips on it. pic.twitter.com/bPRmMalc7I

— CRYPTO₿IRB (@crypto_birb) March 17, 2020

In another tweet, the crypto trader @CryptoCapo_ says that he believes the LTC/BTC pair will be bullish if it manages to break the trend line. Many are wondering what is Litecoin doing now and expect the altcoin to start rising.

$LTC / BTC – EW count

Bullish, especially if it breaks that TL. pic.twitter.com/P9NOffp6D6

— il Capo Of Crypto (@CryptoCapo_) March 18, 2020

The trader with a nickname ‘transparent-fx’ from TradingView also shared his opinion on Litecoin, expecting that the altcoin could potentially grow to the $52.29 – $56 zone from its current position on the LTC/USD chart. He says that this could happen if there is enough accumulation on the market.

The analyst also offered a bearish scenario and said that if there is no accumulation, LTC may decline to $20 and then surge to the same zone between $50 and $56. As it stands, the market is not losing any value or volume today and is relatively stable, with Bitcoin (BTC) leading the way and going close to $5,500.