Trend analyst on tradingview has warned that litecoin could be near an absolute bottom. The MagicPoopCannon, with over 68,000 followers on Tradingview, reported that LTC is following the same trend it followed when the price reached its lowest. The analyst further predicted that if the price falls below the support level, it will go on to touch $41.50.
This month the price of Litecoin mostly remained between $50 and $55. At the time of writing, the cryptocurrency is changing hands $55.36. The current price of Litecoin is just below the 200 week MA. According to the analyst. LTC could be in a very large uptrend channel, but the price of the coin battled with the lower trendline in the early days of its formation.
The analyst also mentioned that the last peak of Litecoin, which occurred in June, happened precisely at the 61.8% retrace for the whole price range of LTC’s entire existence. He further added that if any future breakouts above 160.00 level could produce an explosion higher.