Litecoin, one of the most traditional cryptocurrencies in the world and the first hard fork of Bitcoin, could be lurking a rally towards $ 70. On November 6, this digital currency surpassed its second support and was located above $ 63.
It was a fight to reach the first resistance level of $ 70, which he has not reached since last February, when he even exceeded $ 80 and stayed in that fight for almost a week.
But, to reach $ 70 this digital currency, had to stay above the support of $ 58. At time of writing, it is barely staying above the same at $ 58.91. Will Litecoin be able to advance to test the resistance levels towards $ 70 again or will it fall back to $ 54 again?
Can a Litecoin rally be expected?
Although it may seem commonplace, the maxim that in cryptocurrencies everything is possible is still true. Therefore, a rally in the value of Litecoin could not be ruled out despite the fact that its price fell towards the minimum support level.
One of the most active enthusiasts in recent days about the price of Litecoin, @VincePrince, assures that a bull cycle is more likely.
“All the important levels and considerable results to evaluate within the current structure, suggest that a bullish cycle is safer than the opposite.”.
Another of the analysts of this cryptocurrency, @Solldy explains that the price failed in its attempt to break the first resistance line. For him, the price of the currency will return to the levels of mid-October, waiting for another event that can help him in a rebound.
In this way, opinions on the immediate future of the price of one of the most important digital currencies are divided. Currently, Litecoin’s capitalization is $ 3.8 billion USD and it ranks number 8 in that range.
The silver of cryptocurrencies
Regardless of the direction that the price of Litecoin takes, be it the prolongation of its stagnation or a rebound, the truth is that its importance is of the first order in the crypto environment.
This digital currency was created not as a competition from Bitcoin, but as an alternative with lower commissions. Many have called it the silver of cryptocurrencies, keeping in mind that Bitcoin is gold. However, the problems it has gone through make it unrealistic to consider it as silver.
Another fact that could rule out the rally in the price of Litecoin, is its comparison with Bitcoin. Although all altcoins have been battered by the most popular cryptocurrency, particularly Bitcoin Cash and Litecoin, they were in a very deplorable state for the level and tradition of these.
PayPal damages its reputation with Litecoin and Bitcoin Cash
The performance of both altcoins has been so poor compared to Bitcoin that leading analysts they have criticized to PayPal for bringing them to the same level. In fact, the closing of last week’s chart of the LTC / BTC pairs, showed the lowest levels so far this month for the first.
From the moment payment giant PayPal announced that it would accept cryptocurrencies on its platform, a lot has happened. Thus, only Bitcoin reacted positively, but Litecoin and Bitcoin Cash, on the contrary, worsened.
This is part of the events that could close the doors to a possible rally in Litecoin.
Data to take into consideration
- According to the behavior of the next few hours, it will be possible to determine if Litecoin will have a rebound or if it will continue to stagnate.
- At the time of writing, the Litecoin price is $ 58.91 US dollars.
- If it remains above the latest support at $ 58, Litecoin could make a new breakout attempt.
- The rally goal that some analysts see possible is $ 64 before $ 70 per coin.