Will The USD Value Of Litecoin (LTC) Rise To $100 Before Q2 2019 Ends?
Will The Value Of Litecoin Rise To $100 Before Q2 2019 Ends?
If there’s something that every Litecoin holder is praying for, then it certainly has to be seeing LTC bypass $100 and keep shooting further. For a coin that has witnessed positive market momentum since the turn of the year, many are optimistic that it’s only a matter of time before Litecoin hits the elusive $100 mark.
The spirited rise that had dominated the past few weeks has seen a 10% decline in value over the past week. Previously, the closest it had come was $98.80 attained on April 6, before a sharp slump that now leaves LTC at around $73.97.
The decline aside though, Litecoin amassing a 121% rise in value in such a short span was laudable. Its adherents enjoyed 90 days of pure bliss having seen their prized coin rise to the 5th position in the top cryptos by market cap.
Litecoin is among the few ‘real OGs’ in the world of cryptocurrency. Developed by an ex-Google engineer called Charlie Lee, this coin has been in existence for over 72 months. Initially, he intended to promote it as digital silver, just like Bitcoin is considered a digital gold. Basically, he wanted it to be a transactional cryptocurrency.
The Big Question Right Now Is, Does It Have The Potential And The Momentum To Reach $100 Before Q2 Ends?
It is currently trading at about $73, and that means it has quite an uphill task to overcome. Essentially, it will need to stop dwindling and rise steadily while overcoming resistances that lie along the way. It will not be a mean feat, although, with a series of development updates and partnerships, the rise might eventually be possible before 2020.
Factors That Will Probably Drive The Value Of Litecoin
Some of the positive drivers expected to bolster the value of Litecoin include:
What Litecoin needs right now for it to surmount the hurdles along the way is news that would excite its fans. And Beam might actually be the eventual icebreaker.
On their blog in February this year, Beam announced they were working towards partnering with Litecoin Foundation in a project that was aimed to implement Mimblewimble. According to the post, Litecoin Foundation had pitched them, seeking to leverage Mimblewimble on their Blockchain through Extension Blocks.
And though several weeks have since passed, such news will expectedly turn the fortunes of LTC around. Ideally, Mimblewimble will add another layer of privacy on top of the Litecoin network and effectively give admirers of this coin another reason to invest in it. Once implementation is done, however, users will seamlessly swap the two coins without worrying on the privacy of the transaction.
Buoyed on the successes of last year’s UFC when it was one of the main sponsors, Litecoin is now banking on the publicity of the Glory Kickboxing League. This Lightning Network foundation had sponsored the sport in December 2018, a decision that brought them immense success.
Now that it will be an official digital currency on the League’s online merchant platform, its value will most definitely rise. All a person will need to buy from the marketplace will be the LTC coins. They will also have the freedom to order Litecoin-exclusive event privileges like meeting the fighters behind the scenes, backstage tours and booking VIP seats, everything done using their cryptos.
This will probably be the most exciting news for Litecoin enthusiasts. In August 2019, Litecoin will release a development update whereby all LTC miners will get rewarded every time a block is secured. The reward given will, however, reduce from the usual 25 LTC for a block to 12.5 LTC.
Block halving is meant to create scarcity in the supply of LTC assets in the network and subsequently increase the demand and thus theoretically force the price to rise. Basically, this decision will lead to a reduction in the number of new coins entering the market.
It is slated to happen around August 7, 2019, when Q2 will have ended. Prices might not rise right away, although they will most definitely increase later.
What We Can Deduce From A Long-Term Analysis Of Litecoin
If we were to graphically explain the LTC/USD market and identify the points that impeded its rise, there would be a couple of takeaways. In December 2018 when LTC was worth $24, the graph bottoms out before starting to ascend.
Its initial rise was an ordinary one until February 2019 when it started to gather pace, breaking the 100-day moving average mark. At that instance, the cryptocurrency had exhibited a super-strong bullish signal.
February through to March was great for LTC/USD market until the $63 mark where it was met with a little hiccup. The brief resistance didn’t last, and soon, the ball run was on again, and this time, the surge was even more phenomenal. It shot to $97 before slumping sharply due to its inability to sustain the climb.
Today, an LTC is priced at $73.79 even as more questions are asked on whether the elusive $100 mark will be attained before the year ends. Pundits are optimistic that, if traders continue with their support, the value might as well hit $78 sooner than later.
All depends on the bullish pressure – if it persists long enough to push it to go above $90, then the bulls will do all it takes to attain the $100 mark. And considering that RSI, for the first time this year, just surpassed the 50 levels, there’s nothing that can stop LTC/USD from making a turnaround. It would only require RSI to repeat the same feat!
However, if traders don’t support LTC/USD more, then we should brace ourselves for an even more significant slump; perhaps lower than $63.00. If they keep pushing it down, $60 and $56 will not be hard to attain.
It’s clear that Litecoin still has the power to reach $100 before Q2 2019 comes to a close. The Beam-Litecoin foundation partnership that’s in the offing as well as the exposure that Glory Kickboxing will bring most definitely will rally the rise in value. Aside from the two, however, block halving will probably pack the most powerful punch!