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Price Analysis

Litecoin (LTC) Price Analysis: The Coin is Moving Slowly Toward $80; The Immediate Resistance is Around 78 USD

Amidst the stream of negative news regarding Litecoin, Charlie Lee revealed that Litecoin controls 98 percent of the hash rate for its “Scrypt” mining algorithm. The dominance of the foundation is critical for the security of LTC. Meanwhile, other coins having minority stakes that are more prone to rancorous attacks.

Current Statistics of Litecoin:

  • The trading price of Litecoin (LTC) was around $76.227.
  • Against Bitcoin, the crypto was valued around 0.00703845 BTC per chip.
  • With a return on investment of 1,673.79%, the market rank of Litecoin is 5th in the crypto chart at present.
  • Additionally, the market capitalization of the digital coin was 4,810,581,498 USD.
  • On top of that, the last 24-hour trading volume of the altcoin is 2,327,805,089 USD.
  • Again, the total LTC chips circulating in the market, at the time of writing, was 63,073,243 LTC.

LTC to USD Comparison:

Litecoin price chart - Aug 20
Litecoin Chart By TradingView

On July 27, Litecoin was trading at 95.248 USD. However, today after 25-days, the altcoin has declined by a huge margin of 19.97%. In the weekly trading as well, the crypto coin has gone down by 10.16% from the level of $84.843 on August 14. However, the intraday trading in the crypto is a bit relaxing for investors as the coin has shown some strengthening. After opening at 76.34 USD yesterday, it closed the intraday trading at 77.26 USD with a marginal hike of 1.21%.

Litecoin Price Prediction:

The upward plunge in the crypto has gone further up. The Strengthening in Litecoin will consolidate the community sentiments; however, a lot needs to be done in order to continue this upsurge. Looking at the current scenario of the coin, its future seems to be bright, and the crypto might trade around $150 to $200 by the end of the year. For now, the immediate support for Litecoin is at 75.9 USD, and the resistance is at 78.42 USD.

Conclusion:

The unique position of Litecoin regarding the stakes in Scrypt mining algorithm is crucial for the security of the network against hostile mining attacks aimed to pillage the cryptocurrency. This feature will benefit the crypto and will keep its value stand ground, in the long term. As far as trends are concerned, the short term is still bearish; however, the intraday trading might be a bit fruitful.

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Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.

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