The Litecoin (LTC) market, which seemed to be falling off a cliff following its most recent rally, is now recovering again. Litecoin is currently trading at around $73 after a 3% drop from around $78 last week.
As mentioned earlier in the week, LTC has seen exponential growth since the beginning of March, leading the current mini bull run with a massive 40% increase in price and at one point touching $100. However, the overall market seems to be cooling off, at least for the time being, following bearish news about Bitfinex being insolvent and Binance’s 7,000 BTC hack.
I personally expect Litecoin to continue to consolidate around the 20-day EMA, as price keeps touching this level.
Looking at the chart above, the 20-day EMA remains above both the 50 and 200-day EMAs, and LTC is still trading above that support level, which sits at around $70. The 50-day EMA, which sits at around $64, is also showing strong support for consolidation above the 200-day EMA. Finally, the 200-day EMA, which is sitting just above $60, is also showing signs of moving upwards.
Volume, on the other hand, has decreased substantially. At the time of writing, LTC volume across major exchanges is about $4 billion, whereas just last month it was sitting close to $7 billion. Could thinner volumes mean buyers are back in charge? I would argue it seems likely if we don’t have a sudden push upwards.
The altcoin market looks like it is on a clear downward trend, with lower highs since the boom in early April and again in early May. Let’s hope the market can hold on to the positive gains we’ve seen during Q2 2019.
About Litecoin
Litecoin was released in October 2011 by Charlie Lee, a former Google employee. It was a fork of Bitcoin with the main difference being a smaller block generation time, increased maximum number of coins, and a different script-based algorithm.
Litecoin is one of the leading cryptocurrencies and is one of the Top 10 cryptocurrencies by market capitalisation.
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