Litecoin aims to hold $40 support and stop further decline

Earlier than the crypto market crashed early within the week, Litecoin was maybe one coin that had proven a number of bullish promise. On the time, LTC had completed a 4-week consolidation part, and bulls had managed to carry the $51 help. It was solely a matter of time earlier than the coin rallied. However this week issues have taken a flip for the more severe. Listed here are a few of the details:

• LTC misplaced the $51 help because the strain out there took maintain

• The coin has nevertheless managed to maintain the worth motion above the subsequent $41 help

• If this continues, LTC may genuinely avert a serious decline within the coming weeks.

Knowledge Supply: TradingView 

Litecoin worth prediction – Is a pattern reversal coming

Proper now, general sentiment and traits within the crypto market level towards main losses. The market is in full bear mode, and commerce quantity has lowered considerably. It’s due to this fact laborious to see any sustained bullish atmosphere. Nonetheless, there are some positives from an LTC standpoint. 

First, regardless of the large sell-off reported in crypto this week, LTC losses have been far decrease in comparison with different main cash. Additionally, the token has managed to stave off the bears at $41. This exhibits a number of resilience.

And in addition to, LTC has rallied during the last 24 hours with a ten% achieve. These situations counsel that LTC will have the ability to keep above the $41 help for now. Whereas this will likely not set off a decisive bull run within the brief time period, it may restrict additional draw back.

commerce LTC for now

The draw back threat beneath $41 is big. If LTC have been to lose this help, then we may see a 40 – 50 % drop. 

So, the hot button is to offer the coin a couple of days. If bulls are nonetheless in a position to defend $41, then you may purchase for the brief time period.