Better Days may Be Ahead for Litecoin
At the beginning of the year when Litecoin started losing value, many holders thought it was a necessary correction as a result of the massive bullrun towards the end of last year. However, the bearish market has had an extended stay and impact on the coin.
These have been times that the coin experienced recoveries but the reversals have always seen the coin value lower than what it was before it short bursts or mini rallies.
Litecoin is no doubt oversold and in the coin market, it is an indication that a remarkable recovery is on the way. In reality, many holders of the coin have sold them at losses because they lost confidence in its ability to see sustained positive movement. However, analysis of the current trend shows that the expected rebound will likely occur at any time.
Analysis from the coin market says that with Litecoin in the oversold region, it is apparent the bulls will soon kick in.
Litecoin Tests Important Support As Coin Strives to Move Past $77
Litecoin price tested an important support near $72.50 according to analysts, but the coin has recovered and is presently trading at $74. Though the recovery was expected to have gone higher, the resistance of $77 was challenging for the coin to reach and it fell just short of the mark.
After the attempt at getting to the key resistance of $77, Litecoin retracted to the key support of $75 and the next key support of $72.50. The upward correction saw the coin trade above the $74.50 mark. The key bearish line with a resistance is located at the $77 mark which the coin must bridge to gain enough traction for further upward movement.
The coin is showing some positive signs, however it needs to avoid the lower support of $72.50 and clearly keep values above the $77 to enter the bullish zone.
LTC/USD Price Chart, Tuesday August 7th:
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