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Price Analysis

Litecoin (LTC) May Hit $100 Mark till Next Month if Bullish Trend Persists

Litecoin (LTC) is a Bitcoin protocol based cryptocurrency created by Charlie Lee. However, unlike Bitcoin, it uses a hashing algorithm. The main focus of Litecoin is its peer-to-peer transaction. Moreover, Litecoin (LTC) uses the memory intensive Scrypt proof-of-work mining algorithm. The Scrypt algorithm allows consumer-centric hardware such as GPU to mine LTC coins.

LitecoinOn April 23, at UTC 01:24, according to coinmarketcap.com, Litecoin (LTC) was trading at 76.78 USD. At the same time, it’s market capitalization was around 4,718,806,659 USD with a total of 61,458,109 LTC coins in circulation. In comparison to Bitcoin, it was valued at 0.01426781 per chip. Moreover, Litecoin’s last 24 hours trading volume was approximately 2,623,330,183 USD. With currently ranked at 6th place in cryptocurrency ranking, Litecoin (LTC)’s Return on Investment (ROI) rate is 1,684.40%. On March 29, it was trading at 61.30 USD, however, today after 25-days, its value raised to 76.78 USD with a hike of almost 25.25%.

Let’s analyze the historical change in the value of Litecoin (LTC):

  • All-Time High                                                             375.29 USD (Dec 19, 2017)
  • All Time Low                                                               1.11 USD (Jan 14, 2015)
  • Yesterday’s High / Low                                             77.89 USD / 75.70 USD
  • Yesterday’s Open / Close                                          77.29 USD / 76.95 USD
  • Intraday Change (Yesterday)                                   -0.346337 USD (-0.45%)
  • Yesterday’s Volume                                                    2,657,300,819 USD

 Prediction:

Over the past two months, Litecoin (LTC) has put up a pretty amazing show. At the time when experts are predicting for a bearish trend in the crypto market, Litecoin price has been posting steady gains with a surge of almost 300 percent so far in this year only. And currently, Litecoin (LTC) is one of the best cryptocurrencies to invest in 2019. According to various experts, and looking at the developments in Litecoin, and adding the positive news in favor of the crypto, Litecoin (LTC) might hit the $100 level before the end of this year. This year, till now, the coin has made several attempts towards that level but failed.

Just a few days back, Litecoin (LTC) attempted to break the resistance level of 85 USD. Nevertheless, the rally was not strong enough to provide all the support it needed. Soon the price of Litecoin (LTC) declined and fell towards the $74 support area. The downward trend continued, and price finally plunged below the $75 support zone. But since then, Litecoin price has recovered gradually and is now trading around the $76 level. Additionally, there is an immediate support $74 level. If the current bullish trend follows in the coming days, the crypto may see fresh support $80 level. Then the next hurdle would be $85 resistance level. Any further beak over this level will pave the way for more gains and Litecoin (LTC)’s price prediction for the end of 2019 will likely be attained in the coming month.

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Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

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