Following the recent 3-day downtrend period for most digital currencies, Litecoin is showing signs of potential recovery between $150-151 against the US dollar. Currently, the coin is trading above the $156 resistance level.



The dip can be blamed on the recent criticism from legendary investors such as Charlie Munger and Warren Buffet. Moreover, Bill Gates stated that since the cryptocurrency asset class is not producing anything, people should expect it to go down. He termed it a greater fool theory type of investment and added that he could short it. As such, some potential investors got scared away, but this is just for a short period as most coins have shown signs of potential recovery.

In the past 72 hours, we witnessed a downside move from the $170 pivot level in litecoin price. The coin traded close to the $150 level before buyers appeared to boost it. From the chart below, the coin’s price went as low as $151 before the upside correction started. However, it climbed recently above the 23.6% Fib retracement level of the previous bearish trend from $168 high to $151 low.



The coin was able to break below the support line of the ascending channel and 20-day EMA. However, bulls purchased the dip close to $150 levels and forced the prices back into the channel. Now, a rally above the $168 levels will show strength and it will be possible to move to the $184 level which took place on 6th May.

Additionally, the coin’s price is likely to receive a great boost from the recent Twitter campaigns, #PayWithLitecoin and #LitecoinAcceptedHere. These will build the coin’s awareness and the payment systems will spike Litecoin’s value in the near future. Moreover, according to analysts, the coin may jump as high as $180.
Bolbhai

Bolbhai

I have been a developer for last five years working experience in different technology, apart from this I loved traveling, blogging and exploring the crypto world.

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