Price Analysis

Litecoin Price Analysis: LTC Plunges To $90 Mark; IMF Acknowledged The Crypto As Payment Token

For a long period of time, Litecoin has been treated as crypto of grassroots, but recently in its definition of payment tokens, International Monetary Fund (IMF) has acknowledged Litecoin. It is a significant achievement for the crypto, as IMF is one of the biggest financial institutions in the world.

Current Statistics of Litecoin:

  • LTC price was trading at $90.404.
  • Against Bitcoin, the crypto was valued at 0.00760751
  • With an ROI of 2,000.51%, the current market rank of Litecoin (LTC) is 5th in the crypto chart.
  • Additionally, the Market Cap of the Litecoin was 5,689,532,549 USD.
  • On top of that, the last 24-hour trading volume of the altcoin is 3,181,448,265 USD.
  • Again, a total of 62,994,231 LTC coins were circulating in the market.

LTC to USD Price Comparison:

Litecoin Price Prediction
Litecoin Price Chart by TradingView

On July 14, Litecoin was trading at 100.419 USD. Nevertheless, 25-days hence today, the altcoin has declined by a margin of 9.92%. Similarly, in the last 7-days of trading, the crypto has gone down by 7.45% from the level of $97.718 on August 02. The declining trend that started on the other day also continued today. However, the fall has been a stable one, and the digital coin seems to stabilize around the $90 level.

Litecoin Price Prediction:

At the current level, any further downward movement seems unprecedented, and buying here and holding the crypto for the long term will be a smart move. For now, the immediate support level for the crypto is at 88.387 USD. Additionally, the resistance level for the LTC is at 93.586 USD.

Conclusion:

Amidst the falling market, the acknowledgment by IMF will boost the morale of the community and further strengthen the market grip of the altcoin. Buying the crypto at this level will be a smart move, and we speculate that it will give a good return in the long-term.

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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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