Litecoin Price In Deterioration
Litecoin is facing an increase in technical selling pressure under the $45.00 level. And this happened after receiving a heavy rejection from the psychological $50.00 level.
For the past few months, the LTC/USD became part of the most bearish cryptocurrencies inside the top 10 by market capitalization. In addition to that, it has let go of almost 70 percent of its value since its peak in late-June.
Also, technical analysis on the lower time frames is hinting that the cryptocurrency might suffer a drop. And the decline is going towards the $36.00 support level before staging a meaningful recovery. Then, the four-hour time frame indicates that a large head and shoulders pattern is recently in play. Then, the overall downside target of the bearish pattern found at the $36.00 level.
The daily time frame gives more evidence that the Litecoin and the U.S. dollar pair might be on its way towards the $36.00 level. The price is moving inside a large falling wedge pattern. At the same time, the bottom of the wedge is around the $36.00 level.
Based on the size of the wedge pattern, the LTC/USD pair might stage a recovery toward $70.00. And this will happen if there is a bullish breakout from the wedge pattern.
Some cautious traders might even wait for the breakout from the upside of the wedge to happen – especially now the LTC/USD pair is in the protracted downtrend.
The Potential of Litecoin
Furthermore, in this crypto news, in the upward potential of a four-hour time frame, it displayed that key technical resistance is now at the $47.00 and $50.00 levels. Then, they could locate the key technical resistance over the medium term at the $57.00 and $70.00 levels.
On the other hand, in the downside potential, the four-hour time frame shows the LTC/USD pair has a strong medium-term technical support. It is around $40.00 and $36.00.
Above all, technical analysis suggests that the pair could also see further double-digit slumps in the coming days. And possibly weeks before it begins to shift higher.
Free Crypto School
Andreesen Horowitz (a16z), a venture capital firm, has recently shared a list of instructors for its free, seven-week crypto startup school. And the firm scheduled this to launch in February 2020.
On Wednesday, the company revealed that experienced entrepreneurs, builders, investors, and experts in the industry would coach the students. They will do this by giving lessons they have learned, deliver fresh project ideas, and share details to help them begin their journey in the cryptoverse.
Moreover, the list of startup school instructors includes some of the best entrepreneurs and technologists. Some of them are the general partner at Andreesen Horowitz Chris Dixon, professor of computer science at Stanford University Dan Boneh, and CEO and co-founder at Coinbase Brian Armstrong, among others.
