Litecoin Price Forecast – Bullish Price Action to Offer Buy Position, Quick Outlook!

LTC/USD closed at $247.524 after placing a high of $247.524 and a low of $233.805. After falling for nine consecutive sessions, LTC/USD reversed its course, broke its bearish streak on Monday, and rebounded to near $250 level amid the prevailing positive sentiment around the crypto market.

The cryptocurrency followed the massive bullish comeback of BITCOIN on Monday, supported by the latest report from JP Morgan Chase & Co. to launch Bitcoin funds to its clients later this year. Furthermore, National Football League (NFL) player Sean Culkin said that he would transfer his entire annual salary into Bitcoin. These positive comments in favor of Bitcoin also added to the market’s upward trend and pushed other cryptos like LTC higher on the board. Furthermore, the CEO of PayPal also said that the demand for cryptocurrency had surpassed the company’s expected levels.

PayPal runs its business in more than 200 countries and provides services in more than 100 currencies. The CEO said that it is expected that cash will decline in the future, and Bitcoin and other cryptocurrencies might get the benefit of that situation. These comments also added support to the rising prices of Bitcoin that pushed LTC/USD prices higher on Monday. On the US dollar front, the greenback was flat during the day ahead of the Federal Reserve monetary policy meeting and kept Litecoin higher on Monday. On the data front, at 17:30 GMT, Core Durable Goods Orders for March remained flat against the forecasts of 1.6%. Durable Goods Orders in March fell to 0.5% against the anticipated 2.5% and weighed on the US dollar that added further gains in the price.