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 dropped to as low as $80 before recovering again.
Litecoin is currently trading at just above $90 after falling about 7% from $97 since last week.
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.
As you can see from the chart above, Litecoin bounced off its 200-day EMA following its fall from its 2019 highs of $145, but the coin is now finding it difficult to break through resistance around its 50-day EMA.
In the short term, I expect this consolidation momentum to continue and for price to hover between the 200-day EMA and the 50-day EMA.
In terms of news, Litecoin’s third halving has now taken place. 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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