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Price Analysis

Litecoin Price Analysis: Litecoin’s Price Rally is Temporary; Likely to have a Price Correction

  • Pre-halving speculation is pushing the price of Litecoin (LTC) to newer heights.
  • The 2019 medium-term prediction target remains at $160.

Currently, all the major coins are struggling to revive from the sudden fall they encountered after the Bitcoin (BTC) fall. But Litecoin (LTC) has been a market exception. Contrary to the market’s position, Litecoin (LTC) is going upwards with full vigor and experts credit this growth to upcoming halving, which is just 60 days away. As soon as the halving news was confirmed on December, investors started pouring money into Litecoin (LTC) and now the coin is about to inflate by 600% if we consider the price of December 2018. But all is not as good as it seems. Maximum of the growth has been due to pre-halving speculation. So, the coin is likely to fall at least by 75% once the price correction phase kicks in. The market for Litecoin (LTC) has been full of speculators now, and this explains the sudden pumping of price. However, by the end of this year, the price is likely to be back to normal. It may be roaming around 160 USD by then. Let us look at the current status of the coin.

Current Statistics of Litecoin-

Litecoin Price Chart - 13 June

Litecoin (LTC)13th June 04:18 UTC
Rank4th
ROI (Return on Investment)3,032.52%
Coin Circulation62,199,326 LTC
Market Cap8,377,000,121 USD
Value in USD134.01USD
Value in BTC0.01663324 BTC
24h Volume5,659,930,173 USD

Litecoin Comparison-

Litecoin (LTC) was considered a poor performer since the starting of the year until April. The April boom gave good growth to this coin. The lowest point of the coin was on 13th January at 29.72 USD, and the 1st April boom gave almost 52% growth to the coin in just 5 days. But that momentum was lost soon when the coin started showing weakness. Over the next 23 days, the coin got down by 26.40%. The market cap on the 13th May was 5,388,557,099 USD, and the value of each coin was 88.35 USD. The current market cap and the value of each coin are respectively 55.45% and 51.68% more than the figures for last month.

Litecoin Price Prediction-

Though, the price on the upper trend, soon it may get into a price correction phase. The medium-term outlook is moderately bullish. By the end of this year, the value may be somewhere around 160 USD.

Conclusion-

Litecoin (LTC) has become a decent performer over time this year. But before investing, investors should not miss the point of speculators.

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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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