Disclaimer: The findings of the following article are the sole opinions of the writer and should not be taken as investment advice
The cryptocurrency market is once again rising to the tune of Bitcoin’s movement. As the world’s largest cryptocurrency climbed to $25k, albeit briefly, the rest of the market rallied too. Although not at a peak, Litecoin’s price, at the time of writing, matched its trading levels in the month of July. At the time, LTC was trading at $129.23 with a market capitalization of $8.58 billion.
The aforementioned sudden surge in LTC’s price could result in a correction and that would be an opportunity for traders to short and book some profit.
Litecoin one-day chart
Source: LTC/USD on TradingView
Litecoin’s daily price chart noted the rising value of the digital asset. The value of the digital asset has been appreciating for almost two months now, with its own set of minimal falls. Following the sudden surge in Litecoin’s price, the same will soon see a correction, a development that would provide an opportunity for the traders to short the coin.
A correction seemed imminent, at press time, as the coin was tapping the overbought zone and looking at its previous tops, there could be a fall approaching the Litecoin market. While the next level of strong support is visible…