Litecoin Analysis: LTC Breaks Above Crucial $120 Price as Halving Catalyzes Participation
Today’s Litecoin (LTC) News
Simply put, Litecoin is acing the markets. Despite all odds, LTC is indeed the top performer. Adding an impressive 20.1 percent from last week’s close and another 9.1 percent in 24 hours, analysts and the investor community are jubilant.
But what could be cause of all this jubilation. Well, dominant talk is around Litecoin halving and how it is catalyzing participation. Historically, any form of cryptocurrency halving, regardless of the asset or its liquidity levels, spur participation because of one simple reason: scarcity.
Whenever an asset’s daily emission is chopped by half, supply and demand dynamics kick in. Assuming demand stays the same, the asset will be priced higher.
That is the exact reason why traders are generally expectant, looking forward for a price pump ahead of early August event. Mati Greenspan, senior market analyst at eToro said:
“Litecoin has been a leader throughout this recent bull run. It is one of the most well-established coins in the crypto market and has very strong fundamentals.”
His analysis is complemented by DiPasquale, a technical analyst, who added:
“Breaking the $120 price level was crucial for Litecoin since it had failed to surpass that resistance twice recently. Now, with LTC trading around $125, we can expect a steady rise towards $150 with some normal pullbacks along the way, provided Bitcoin remains between the $7,600 – $8,000 range at the very least.”
With a five-fold rise in the last five months, investors are confident of Litecoin (LTC) outperforming BTC and most crypto assets. As such, an analyst reckons that channeling funds into LTC is therefore a no-brainer.
LTC/USD Price Analysis
1 LTC/USD =$286.5483 change ~ -8.23%
Adding an impressive 20.1 percent from last week’s close, Litecoin is a top performing digital asset in the top-10. And analysts are expecting more price surges in the next coming months. The rise and rise of Litecoin is reflected in previous trade plans.
Even after last week’s lull and dip towards the $100, the fact that prices found support at the psychological mark, with bulls rejecting any price dips towards the main support at $90, is definitive.
Consequently, the spike past $120 is hinting of underlying demand and is the primer for the next wave of higher high that will likely force price expansions toward $150 and later $180. Because of this uptick in participation and price, traders should find an opportunity to ramp up on every correction in lower time frames.
It’s easy to see why. First of all, it is easy to see that LTC is trading within a bullish breakout pattern. The close above April’s high and the failure of prices to dip below $100 completed the retest.
Therefore, in a trend continuation, yesterday’s wide-ranging bar had an uptick in volumes-though lesser than those of May 30th—did realign price patterns, bringing back LTC bulls to the fore. In light of the above, traders should tune their entries in lower time frames, place their stops at June 10th low and aim for $150 and later $180 as aforementioned.
All of Today's Litecoin (LTC) Price Analysis, Chart Forecasts and Industry News
Chart courtesy of Trading View—Coinbase
Disclaimer: Views and opinions expressed are those of the author and aren’t investment advice. Trading of any form involves risk and so do your due diligence before making a trading decision.