One analyst believes that Litecoin is among the better bearish plays on the market as LTC had a multi-year bear market but it began moving higher over the past few days. the asset gained more than 20% since the lows of the previous week at $55 as we reported in the Litecoin news.
While there are many that believe LTC has a momentum, one analyst believes that Litecoin is one of the “better bearish plays” on the market right now. The same analyst has also expressed a bearish opinion about Bitcoin saying that that the asset could retrace to $8000 in the upcoming months. According to the full-time crypto trader, Litecoin could be entering a precarious position because it is running up against a pivotal resistance. He shared a chart showing that the coin is entering a large key resistance zone which was a rejection point previously:
“$LTC / #Litecoin – Seems like one of the better bearish plays on the market right now. The $BTC pair is doing a weekly bearish retest while the $USD pair is entering a (unfortunately large) key resistance zone.”
While he didn’t mention a price target, the charts show the next pivotal support level at $41. The charts seem to be suggesting that there’s a confluence of intermediate support levels at $48 and $57 along with other scattered prices below these levels. The sentiment is actually against most of the analysts who say that the coin is on the verge of a huge bull run. One market commentator noted that the one-month Average Convergence Divergence indicator is about to go green for the first time since the middle of 2019 as it is designed to reveal changes in direction, momentum, strength, and duration of the trend stock price.
There’s also another group of analysts that noted how Litecoin’s Bitcoin pair looks strong and one even cited that the recent breakout that was predicted on the influx of buying volume and the move above the pivotal technical resistance, it could be possible that LTC will become able to outperform BTC next after XRP and ETH do so.
Over the past few days, Litecoin’s price started an increase above $55 resistance against the US dollar and the price even settled above the $65 resistance level as well as the 100 simple moving average. The monthly high is formed close to $68.92 and the price is now correcting gains.
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