Daily LiteCoin Price Analysis
LiteCoin continues to chop around, as we have failed to pick up any type of momentum during the day on Wednesday. It looks as if the $41 level underneath is offering some short-term support, but given enough time I think we will find buyers. Looking above, the $44 level is likely to be resistive. A break above the $44 level should send this market to the $45 level, and then perhaps even higher than that. Ultimately, the market goes back and forth trying to build up enough momentum to finally break out.
The alternate scenario
If we break down below the $40 level, that would be the alternate scenario that suggests like the market is going to break down significantly. At that point, I would expect that the $37.50 level should be a decent target. Ultimately, I think that the longer-term uptrend should reassert itself, so I am much more bullish than bearish, but I also recognize that it is very difficult to get anywhere in the short term. Longer-term though, I think that the LiteCoin markets could be more of an investment than anything else, because short-term traders are going to be forced to deal with a significant amount of choppiness.
The US dollar
Pay attention to the US dollar, because of it starts to lose its luster, it’s likely that the LTC/USD pair will go higher, mainly because the crypto currencies as of late have been used as a significant run to safety from the greenback. Ultimately, I think that we are going to continue to see buyers in the digital currencies overall, and that of course should translate into higher LiteCoin pricing over the next several weeks, if not months. However, if we break down below the $40 level, I think that a short-term bearish position could reassert itself.