Litecoin LTC price gearing up for a major bull run, say analysts

As most of the gains experienced across the market over the last several days have largely fizzled out, much of the top 10 is reporting minor losses. At the time of writing, the Litecoin LTC price is down 0.18 percent over the last 24 hours, trading at $39.36. 

The Litecoin LTC price is set to dip before surging

While most of the market is reporting minor losses, analyst Project Syndicate has taken a bullish stance on Litecoin’s near future. As per the analysis, Litecoin has taken a similar path to Bitcoin, making it possible that the mid-term floor has already formed, setting the Litecoin LTC price up for some nice gains within the next four to eight weeks. 

As for the short term, Project Syndicate believes we’ll see some positive price action before experiencing a pullback. Given Litecoin’s correlation with Bitcoin, the analyst recommends looking for a confluence with the apex cryptocurrency. Finally, the trader recommends being ready to buy once LTC price crosses $40. 

Litecoin LTC price chart by Trading View

On the hourly chart, trader Bixley has identified an ascending scallop. They then predict the Litecoin price will experience a slight pullback in this formation before the bulls take hold and LTC experiences some strong price performance. 

Litecoin LTC price gearing up for a major bull run, say analysts 2

These predictions are echoed among traders. Benjamin Blunt has taken a look at Litecoin in order to gauge the broader crypto market. He too believes the Litecoin LTC price is scheduled for a drop after it has been steadily rising over the last couple of days. 

Brave and Binance take a major step in driving adoption

Recently, Brave browser teamed up with crypto exchange Binance which will allow Brave users to buy, deposit and trade Bitcoin, Ethereum, XRP, Litecoin, and other altcoins supported by Binance. 

Featured image by Piqsels

Disclaimer: The information provided is not trading advice but an informative analysis of the price movement. holds no liability towards any investments based on the information provided on this page.

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