As mentioned last week, Litecoin (LTC) has seen exponential growth since the beginning of March, with a small bump in the road during April which quickly dissipated going into May. Overall, Litecoin has been the best performing coin in 2019, growing more than 170% in less than 90 days.
At the time of writing, LTC is trading just above $104 following a small pullback from $116 last week. Will Litecoin recover and continue its move upwards or will price drop closer to the $99-$102 support area?
Let’s take a look at the chart for Litecoin.
The price of LTC fell from about $120 to $100 last week as many traders moved their profits from altcoins over to BTC. Price recovered towards the end of the week and over the weekend to trade at around $110-$115 before another pullback earlier this week.
This trend now appears to have shifted and price action is once again on the rise (albeit slowly) as LTC looks to return to yearly highs.
Let’s also not forget a quite important point. LTC is one of the few coins that is bullish by the book: the 20-day EMA is above the 50-day EMA, which is above the 200-day EMA. Plus, volumes are quite high around key levels.
In terms of recent news, Litecoin’s third halving is coming in about a month. Those that are overly bullish on Litecoin have to look no further than the previous halving to justify their positions. What usually happens is a massive bull run in the months that follow halving events.
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.
More Litecoin news and information
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Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.