Litecoin was one of the coins that showed a lot bullish potential before the market crashed in the early hours of the week. At the time, LTC had finished a 4-week consolidation phase, and bulls had managed to hold the $51 support. It was only a matter time before the coin rallied. This week, however, things have changed. These are the facts:

• LTC lost the $51 support as the pressure in the market took hold

• The coin has however managed to keep the price action above the next $41 support

• If this trend continues, LTC may be able to avert a serious decline in the next few weeks.

Data Source: TradingView

Litecoin price prediction – Is a trend reversal coming

The crypto market is in a bear mode right now. Trends and sentiment point to major losses. Trade volume has dropped significantly and the market is currently in bear mode. Therefore, it’s difficult to envision a sustained bullish environment. LTC has some positive aspects.

First despite the huge sell-off in crypto this week LTC losses were much lower than those of other major coins. Also, the token has managed to stave off the bears at $41. This is a sign of great resilience.

And besides, LTC has rallied over the last 24 hours with a 10% gain. These conditions suggest that LTC will be able to stay above the $41 support for now. This may not be enough to trigger a major bull run, but it could limit future downside.

How do I trade LTC now

The downside risk below $41 is huge. If LTC were to lose this support, then we could see a 40 – 50 % drop.

The key to a successful coin exchange is to allow it to mature for a few days. If bulls are still able to defend $41, then you could buy for the short term.