Litecoin LTC to Retest $140? The problem for Litecoin LTC started right after the 2017/2018 bull rally. As Bitcoin and other tokens declined, so did Litecoin LTC.
Litecoin, just like XRP, was one of the worst-performing altcoins during the 3 year-long market correction. In the last quarter of 2019, the LTC token reached a bottom as it traded in the $25 level. After that, the token entered a parabolic bull run and started rising against the USD until it got near the $100 level earlier this year. Unfortunately, the psychological resistance at $100 is too strong, and holding the line above this level is difficult for Litecoin. The token started declining until it got to the current $56 – $60 range.
At the time of writing, the price of Litecoin LTC was $59.39. This means that it is down by 0.46% against the USD and down by 0.76% against Bitcoin BTC. The trading volume over a 24 hour period was $2,152,439,095 and the market capitalization was $3,878,197,338. Crypto Engineer, a popular cryptocurrency trader, said that Litecoin will move as high as $140 for the first time in more than one year. Litecoin’s highest price yesterday was $60.51 and the resistance at this level is strong and it faced rejection there.
Two things can happen within the next few trading seasons. On the one hand, Litecoin LTC might fall lower against the USD and return to the $56 level which has acted as support for a long time. Falling Below this level will lead the token to the $50 level.
On the other hand, another rise above the $60.51 resistance will lead the LTC token to higher highs near-term. It’s difficult to determine what direction Litecoin will take but put an eye on Bitcoin BTC because Litecoin LTC has been trading in the same direction as Bitcoin for many days. Before the token will ever move as high as $140, it will have to cross other resistances along the way.
Ufuoma Ogono is a cryptocurrency writer with over 3 years experience in the cryptocurrency industry. She dedicates her time to sharing valuable information to members of the cryptocurrency community.
- Litecoin LTC Moves Above the $60.5 Resistance Levels After Weeks of Struggling Against the USD
- Litecoin’s Glory to the $60 Level Didn’t Last as the Token Declines to the $59 Level
Litecoin LTC has been struggling to move above the resistance at $60 for a long time. Even when the entire cryptocurrency market was surging, the token didn’t gather enough momentum to move above the resistance at $60.
Yesterday, the token moved above the $60.5 level and we believed that it would keep rising after crossing this resistance because it was a key resistance. An analyst even predicted that the LTC token will move as high as $140 if it can move above this resistance level. Unfortunately, this didn’t happen and the token has moved lower to the $59 level.