Cryptocurrency markets in general have been in consolidation for more than a week, mainly anticipating Bitcoin to make its next move. Litecoin, though, has not been lingering as it continues to grow hitting a new high for over a year.
Yesterday’s green has been accompanied by today’s red for Bitcoin and the majority of altcoins. The only one bucking the trend is Litecoin which forges ahead to push higher as halving fomo escalates. A few hours ago during the course of early Asian trading LTC hit $140, its highest price since mid-May 2018. The move has added a further 10 percent to Litecoin over the past few hours. It has since leveled out at around $139.
Market cap has at this time arrived at $8.6 billion overshadowing both Bitcoin Cash and EOS which were above LTC only a few weeks ago. Daily volume is at $5.6 billion and there looks to be no stopping the Litecoin train at the moment.
Litecoin’s Next Move?
Traders as well as analysts are staring towards the charts again for feasible areas of resistance and profit taking options. Trader ‘CryptoFibonacci’ has discovered some short term resistance where the Fibonacci levels line up;
“Very impressive, but running into some short term Fib extension resistance. Could still hit mid 140’s, but I expect a retrace here in the next couple of days.”
$LTC Daily Chart.
Very impressive, but running into some short term Fib extension resistance. Could still hit mid 140’s, but I expect a retrace here in the next couple of days.#LTC pic.twitter.com/6NzdCs24Y1
— CryptoFibonacci (@CryptoFib) June 12, 2019
The next major area experts are looking forward to for LTC is $150 where a great deal of short term traders will be taking profits. The will result in a pullback which is unavoidable.
For right now at minimum Litecoin appears to have decoupled from Bitcoin and is helping to make independent progress while its big brother went belly up to burst out of its range bound channel.
Trader Josh Rager has at the same time been eyeing the charts and has seen that the $150 area is significant both technically and psychologically;
“All you Litecoin fans must be happy about LTC breaking the current resistance on the daily. $125 has now flipped to support. Wouldn’t be surprised if LTC made its way up to $150 which will be strong resistance on the weekly and psychological take profit area,”
Halving in 54 Days
Litecoin halving is at this time only 54 days away and even though the likelihood of a correction prior to then continues to be high, the price may be driven a lot higher on the surge of fomo currently going on. LTC father Charlie Lee has been fairly quiet recently but has certainly not ignored the epic performance of his baby posting this mining profitability update a couple of days ago;
Litecoin block halving is in 56 days! https://t.co/EBWbsIUp47
Here are some stats on mining profitability. After halving, miners are still profitable with electricity under 10¢. Many are paying only 5¢ and therefore should keep mining LTC post-halving. (https://t.co/AcQPEjdNtb) pic.twitter.com/VtA9aAv7FS
— Charlie Lee [LTC] (@SatoshiLite) June 10, 2019
Litecoin has blitzed its brethren and has been among the top performing crypto properties of 2019. Since January 1 LTC has climbed over 350 percent and it is right now back to approximately 60 percent off its all-time high, which is way superior than some of the others still dwindling at 80 percent down. $150 Litecoin is not far away and the prospect of $200 before halving remains strong.
Image from Shutterstock
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