Litecoin Gains 2% On The Day, Analyst Outlook Is Bright

The crypto news today show that Bitcoin has been facing some turbulent price action lately and confirmed its bearish momentum today with a drop to $8,800 which is the major psychological level now. However, what’s impressive in a session like this one is the fact that the Litecoin gains are now at 2% and the altcoin is having a good day.

As we can see, the volatility for LTC has been positive and the altcoin is up trading from its monthly lows. Analysts are also predicting significantly further upside for Litcoin in the near-term – and there is one prominent crypto analyst who noted that LTC could surge as much as 80% against its BTC trading pair in the next weeks and months.

While Litecoin gains 2%, the new position is now at above $61 which marks a slight climb from the daily lows of $59. LTC is in a good position and the Litecoin news show that when looking at the one-month performance, the recent volatility shows that it has been favoring the crypto bulls as it is currently trading up significantly from the 30-day lows of under $50 that were set in late October.

The recent rise and the recent Litecoin gains also prove that the coin is largely influenced by Bitcoin and its massive surge which came about in late October – right after the Chinese President offered some bullish remarks on blockchain technology.

One of the analysts standing behind LTC and its rise named Mitoshi Kaku, explained that he believes LTC may be entering a pivoting point that leads to a climb in the near-term which means that the ongoing surge may be up for a start.

“$LTC Leaving ‘pivot week’ behind. I think I might hold onto this one for a little bit,” Kaku said when commenting on the Litecoin gains.

$LTC Leaving "pivot week" behind. I think I might hold onto this one for a little bit.🚀 pic.twitter.com/27nTJTyiTb

— Mitoshi Kaku 🧑‍🚀 (@CryptoSays) November 8, 2019

As we can see, there are many other analysts commenting the recent performance of Litecoin (LTC). Galaxy is another one, who recently echoed the bullish statement by Kaku and said:

“New fav: $LTC. The day when everybody starts to love it again might be sooner than we think.
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”

New fav: $LTC

The day when everybody starts to love it again might be sooner than we think. pic.twitter.com/mqNnhtVJKu

— Galaxy (@galaxyBTC) November 9, 2019

All in all, the Litecoin gains prove that LTC is a serious contender for the best altcoin right now – and in the future the coin may see a lot of upside in spite of the Bitcoin bearish trading session.