Litecoin Price Analysis: Hash Rate At New Highs But LTC Could Half to $60
Today’s Litecoin (LTC) News
There is a lot of buzz around Litecoin as a blockchain and LTC as a native currency, a digital asset that investors can pour their monies in. In part, what dominates is their impressive bottoming up and subsequent explosion in the last five months or so.
From the chart, it is visible that despite recent doldrums, the asset is indeed one of the top performers in the top ten. The resulting surge from $22 has a result seen the coin cement its position in the top 10, flipping several contenders to be the fifth most liquid.
As it is, the rise and rise of Litecoin can be attributed to the tireless work of the co-founder, Charlie Lee. After basing the coin’s code on Bitcoin’s and remaining categorical that LTC will be silver to Bitcoin’s gold-unwavering, believing that despite the limitation of Proof of Work, the consensus algorithm is the only true shot for complete decentralization, LTC is open source supported by almost all crypto exchanges.
It was one of the original four to be listed in the then conservative Coinbase where he worked as a managing Director before dedicating his time fully to Litecoin promotion and development. Presently, the level of retail adoption, made successful by their rigorous social media campaign did pay dividends. It has far more reach and merchants can use the coin with guarantee of fast settlement.
Then again, when investors consider Litecoin’s hash rate which has been soaring in recent time thanks to Bitmain’s Bitdeer renting the latest AntMiner L5 mining gear, then it’s easy to see why investors are confident of Litecoin in the medium to long term.
LTC/USD Price Analysis
1 LTC/USD =$171.0468 change ~ -15.26%
Ahead of August 6, 2019 super hyped halving, Litecoin is literally faltering. Week-to-date, the coin is down 11.3 percent following yesterday’s meltdown where at one point, the coin dropped by double digits. Overly, traders and the investor community were positive of a correction and this was anticipated.
Such retracements are normal especially now when the coin has rallied five-fold, rising from the $22 pits of mid-Dec and relentlessly printing higher. From the chart, there is active liquidation at $120. That is where bulls drove prices to in a retest before being rebuffed by yesterday’s extensive bear bar swinging from $110 confirming the rejection of better prices.
Already, what we have is a three-bar bear reversal pattern with May 30th bear bar confirming sell pressure since it has better trading volumes of 615k. These were higher than May 26th which had 410k. From an effort-versus-result point of view, this is bearish and re-affirmed by the failure of prices from June 1st-3rd to rewind losses of May 30th. In light of the above, LTC will likely drop to $85 and then if push comes to shove, $60 is well on the cards as sellers erase gains of Mid-April through to May in a sobering retest.
All of Today's Litecoin (LTC) Price Analysis, Chart Forecasts and Industry News
All Charts 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.