Litecoin Price Analysis: LTC Retrace, down 16.1% But Bulls Aiming at Q2 2018 Lows of $120
Today’s Litecoin (LTC) News
Changing hands at around $85-according to BEG trackers, Litecoin, despite today’s shrinking, is one of the top performing assets in the last five months. After slamming bottoms of $22 in mid-Dec 2018, bulls are back with a vengeance. The objective here is to rewind losses of Q4 2018, and accelerants are strong fundamentals as well as a resurgent Bitcoin.
It all has to do with their positive correlation and the shifting sentiment in the investor community. However, over and above everything, traders and investors are buoyant thanks to what Charlie Lee envisions from the sixth most liquid coin in the space: Privacy, scalability thanks to MimbleWimble and Confidential transactions that is inbuilt and activated through a hard fork.
Although it may take time before implementation given the objective of Litecoin as a Bitcoin protégé therefore complementing the platform, deliberations are inevitable. However, before then, it’s roughly three months before the super hyped Litecoin halving that will slash the number of daily Litecoin (LTC) in circulation drawing more demand for the asset as the need for efficiency, speed and a reliable, fast generating asset required for merchants build up.
Historically, and drawing lessons from Bitcoin previous halving, the demand of the asset often spikes hours after the automatic event, feeding FOMO as supply-demand dynamics kick in supporting bulls keen on thrusting back prices to $300 or higher.
Litecoin (LTC) Live Price
1 LTC/USD =$159.7820 change ~ 2.17%
LTC/USD Price Analysis
As aforementioned, Litecoin (LTC) is trickling lower in a correction. If anything, this is normal and often times, the retracement is deep. From the chart, Litecoin is down six percent in the last day and 16.1 percent from last week’s close as bears press lower confirming sellers of the double bar bear reversal pattern of May 15th and 16th. These bars were in turn correcting the overvaluation of May 14th and 15th after the upswings of May 11th confirming bulls of late April 2019.
Therefore, although bullish, we expect a pull back towards $70 or the 61.8 percent Fibonacci retracement of early April leg up. However, should sellers press the sell pedal then odds are LTC will drop towards Mar 2018 highs of $60 in a classic retest breaking the main support trend line that has been guiding buyers in the last five months after prices bottomed up in mid-Dec 2018.
On the other hand, any upswing that will pump prices, driving LTC above May 19th bull bar in a trend continuation phase will reinvigorate the market. In that case, we expect buyers to step up with first targets at $120 and later $180.
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.