Mark of FOMO? Litecoin (LTC) Bulls Vibrant, up 25.3% as Retail Investor Fear Starts to Set Back In
Today’s Litecoin (LTC) News
Gauging the level of FOMO? Look no further. Check out dominant headlines. Mainstream media can’t simply be left behind. After double digit gains, blast past key resistance levels, it is no doubt that Litecoin prices are vibrant.
Over the weekend alone, the world’s sixth largest coin surged 31 percent, cementing its position above $100 and in the process leaping more than four folds after bottoming up from $22 in mid-Dec 2018. That’s was the height of last year’s crypto winter where apparently, Litecoin suffered.
Now, the tide is changing and on the receiving end are Litecoin bulls who are obviously reaping maximum benefits from fundamental developments as well as shifting sentiment. Top of the list is how Litecoin did benefit from Segwit. Initially designed to scale the Bitcoin network by stretching the block size limit, it failed to take off in the last minute but well, the first stage did mean Litecoin as a network could process more transactions.
It was a proof that the code, despite criticism from “big blockers” that the proposal was not overblown but realistic. Now, as a testing bed for Bitcoin development, Litecoin, though still lagging in prices to Bitcoin, is surging and investors are delighted.
Add that to the expected halving scheduled for August 6th and the community is clearly supercharged. Being the second halving, the number of Litecoins in circulation will be slashed from 25 to 12.5 LTCs as the number of daily rewards drop 50 percent.
From an economics point of view, assuming constant demand and previous events are replicated, the market could end up re-pricing Litecoin (LTC) higher as supply drop.
Litecoin (LTC) Live Price
1 LTC/USD =$287.4191 change ~ 3.76%
LTC/USD Price Analysis
At the time of press, LTC is changing hands at $114, stable in the last 24 hours but impressive from a top-down approach. The coin us up 25.3 percent in the last week and clearly, it is open for further gains given the supportive candlestick arrangement and surging Bitcoin prices.
Besides, the sentiment is shifting and that could also help lift or buoy prices. From the chart, it is apparent that LTC is trading within a bullish breakout pattern against the USD after confirmation of May 26th close above the $110 mark.
Although the bar had light volumes-410k against 328k, compared to the anchor bar of May 24th which had 576k of trading volumes, the fact that it was ranging and wiping out the correction of May 16th is positive.
In line with previous LTC/USD trade plan, every dip is technically another buying opportunity. As a result, traders should fine-tune entries in smaller time frames with first target at $120.
Once there is a satisfactory close above this, then the next target should be $180 and later $200. Ideally, what should accompany these upswings ought to be high transaction volumes exceeding 576k as demand increase ahead of early August halving.
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.