Litecoin failed to achieve the hypothetical value- $85- and is moving downwards to $60 as the moving averages suggested earlier about the fore coming value. We had witnessed a negative divergence- the price was standing above while indicators signaling the lower levels. So, the current tag is according to what the indicators predicted.
LTC/USD was clinging at $81.23 on Feb.14 and seemed to move above this to $85. But we have witnessed an opposite trend as the price started pulling back and was unable to cross the key resistance level.
Litecoin crossed the key figure of $80 since the beginning of 2020- the same value observed last time in September 2019. The token has performed well following the bullish momentum of crypto markets as most of the coins are up from the start of the year.
The indicators such as 100-MA and 200-MA are showing a pullback of trend value back to $60. The origin of red candles is giving the signal of price downward trend. However, this speculation is for medium-term trend while the community of Litecoin has much more expectations from the coin in the long-term.
Currently, LTC is standing at $70.84 with a nearly 4% downward trend in the past 24-hours. The value seems going down, further, crossing the support level of $70. The final destination might be the $60 as proposed by the indicator- MA.
While looking at the one-day chart of LTC/USD, it reveals that $85 is currently impossible- especially when speculating about the medium-term trend.
In the downward direction, there is a strong support level- $62.10- that may push the price value upward. Only a strong bearish season can influence the coin to subdue such strong support.
Litecoin is also designated as one of the best performer tokens in the year to date performance. LTC/USD pair has secured a strong bullish rally and is up 73% since the start of the year.
It is very interesting to note that value has always pumped to its highest value in the first month of the year. In January 2018, the coin’s price surged to $305 and in January 2019, it secured the figure of $145. A similar pattern is observed in the first month of 2020 as the price value increased by 63%.