Litecoin price analysis: LTC/USD bulls set eyes at 50% Fibo as Tom Lee predicts consolidation period for altcoins
|- Tom Lee says that the bear market is over.
- Litecoin has to get above $187.00 before the worst is over.
Fundstrat's Tom Lee, the creator of the Bitcoin Misery Index and the author of numerous bullish cryptocurrency forecasts, now expects the end of the bearish market for altcoins.
“First purgatory, then a bull market. While the bulk of the decline is behind us, a bull market for altcoins, however, is not necessarily under way. In prior cycles, altcoins go through purgatory…,” Lee writes in a Tuesday research note.
Litecoin, the the fifth biggest cryptocurrency by the market value, might benefit from the alt-coins consolidation period forecasted by Lee. LTC did better than many other coins during the crash. It managed to stay above 61.8% Fibo at $144.00 and gains nearly 25% from the recent lows. Currently, LTC/USD is trading at $171.00.
From the longer-term perspective, LTC/USD bulls need to take the coin above $187 (50% Fibo) to claim victory. Tis level has been capping the upside since the beginning of March. The support is produced by $153.00 (Sunday's close) and followed by the above said 61.8% Fibo at $144.00.
LTC/USD, the daily chart
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