Litecoin (LTC) is experiencing short-term weakness, as it is following the general trend in the cryptocurrency market. However, analysts say that the future movements of the currency will be determined by certain levels of support and resistance, which will be determined by the movements of Bitcoin.
At the time of writing, LTC is trading at $68.91, with a 24-hour trading volume of $1.11 billion and a market capitalization of $5.31 billion. Over the last 24 hours, the price of LTC has decreased by 1.78%, reflecting a cautious sentiment in the market. According to CoinMarketCap.
Litecoin Price Shows Market Uncertainty
Crypto analyst CRYPTOWZRD noted that the current movements of Litecoin are closely tracking the Bitcoin trend. “The daily candle closed bearish today,” the analyst noted, also indicating that the LTC/BTC market is experiencing a state of indecision.
As CRYPTOWZRD suggests, trading above the $68 support could open the way for a test of the $80 resistance, but a retest of the $71.40 resistance and then a drop could provide a trading opportunity, and trading above the $75.20 level could initiate a rise.
Litecoin Intraday Volatility Follows Bitcoin
The intraday chart is still volatile. CRYPTOWZRD recommends that investors consider shorter time frames. What will happen in the future of Litecoin is strongly linked to the movement of Bitcoin. This makes the market sentiment a significant factor that will influence the future of LTC.
Also Read | Litecoin Holders Defend Key Support, Eyes Rebound Toward $90
LTC Poised for Potential Gains
Meanwhile, another analyst, master, had a more positive prediction about the future of Litecoin. This analyst had suggested that the price of LTC was poised to make substantial gains, although this is a speculative prediction that should not be taken as financial advice.
Overall, LTC is set to experience a mixed market environment. In the short run, the price movement of LTC is driven by Bitcoin, whereas in the long run, there is a possibility of an increase in price. The critical levels to focus on are $68 and $75-$80.
Also Read | Litecoin (LTC) Slips After Bearish Weekly Close as $71.40 Resistance Caps Recovery
