Litecoin (LTC) experienced exponential growth earlier this year. Prior to mid-June, Litecoin was the best performing coin in 2019, growing more than 170% in less than 90 days and peaking at around $145.
However, after a couple of substantial falls toward the end of June and into early July, LTC is currently trading at just above $94 after recovering around 11% in value since last week. Litecoin was touching its 200-day EMA at a low of $87 on Monday.
Will Litecoin turn things around and continue its move upwards? Or will price drop closer to the $75-$77 support area?
My personal belief is that traders should be careful at the moment, as sideways markets are useful for accumulation but also risky.
Let’s take a look at the chart for Litecoin.
Last week, I mentioned I was expecting price to bounce near LTC’s 50-day EMA. Instead, the market decided to tank quite substantially, and Litecoin crashed below all of its EMAs before recovering to trade between the 200 and 100-day EMAs.
In the short term, I expect this consolidation momentum to continue and for price to hover between the 100-day EMA and the 50-day EMA.
In terms of news, Litecoin’s third halving is about 10 days away. 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. My guess is that Litecoin should continue following Bitcoin’s path (as it’s the most important BTC testnet).
Price-wise, I expect LTC to consolidate a bit further before pumping over the $120-130 levels again towards the end of Q3 2019.
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.