Another day of mostly sideways movement as most of the market is reporting moderate gains. Bitcoin has gained a little under two percent at the time of writing as the kind cryptocurrency inches its way back to $6,500. While Litecoin, the silver to Bitcoin’s gold, is reporting slight earnings of less than one percent (0.32 percent), bringing its trading value to $39.08.
Litecoin LTC price likely to sink before it rises
Alex Clay has analyzed Litecoin’s price movement and believes earnings are on the cards. As per the trader’s analysis, the Litecoin LTC price is growing in an ascending channel and has fixed itself above $39.03 level. As such, he has taken a bullish stance and set price targets at $39.65 and $40.20.
Analyst Trading Alchemist has noted that the Litecoin LTC price has performed well from its support level of $38.50, but doesn’t believe Litecon will see many gains. Instead, the trader states that based on Bitcoin’s performance, it’s more likely we’ll see the LTC price test the support level of between $36.50 and $37.
Sharing Trading Alchemist’s pessimistic outlook, Crpt Teddy Bear has admitted the market is behaving unpredictably lately. As such, until the Litecoin price can break above $39.67 the trader has opted for a bearish position.
Charlie Lee set to focus on crypto payments and privacy
In a recent episode of Cred’s Meet Our Partners, Litecoin founder Charlie Lee explained his intention to make Litecoin a fully-fledged currency rather than people holding it as a store of value. Ultimately, Lee explained, the goal is to make Litecoin usable for day-to-day transactions.
Additionally, Lee explained that they’ve been focusing on enhancing Litecoin’s privacy. By concentrating their efforts on confidential transactions in MimbleWimble, Lee hopes to enhance Litecoin’s fungibility and privacy.
Disclaimer: The information provided is not trading advice but an informative analysis of the price movement. Cryptopolitan.com holds no liability towards any investments based on the information provided on this page.