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Price Analysis

Litecoin Price Analysis: Thumbs Up For The Long Term Investments!

Litecoin.com is seen making statements on on-chain metrics becoming flat line since the beginning of the year. Such a concern called for support and user interest for the investors to keep floating their capital in cryptocurrency.

May 2019 seems to the month of that support and interest. The beginning of the month did bring delight as the growth was noticed on the charts and board. However, litecoin.com confirmed that such support is not really matching the criteria of the market value and thus quoting the delay in the response. Now, only time can tell if the value will start differentiating to reach the mean value again.

Price Analysis of Litecoin on May 29th, 2019

Litecoin Price Chart - May 29

LTC is currently traded at $112.10 at 5:08 UTC on May 29th. The Return on Investment is able to bring positive figures in the accounts of the investors with 2526% of the return. And hence, it explains LTC is ranked number 6 in the market with market cap value at 7,000,285,335 USD and 24-hour volume value at 4,123,674,985 USD.

Comparison:

Litecoin (LTC) Price Chart

If we look at the chart from the beginning of the year, the value has shown the hike of 242%, which is impressive enough for the investors to keep their capital in the good pocket. This is a good time for the investors to consider long term investment plan as well. Since the week started with a surge of $110, it is most likely to follow an upward trend for a while. S hold on to your capital as you might be making some really good bucks in your investment.

Litecoin price chart - may 29

However, investors who are analyzing the charts of LTC from more than a year are still expecting pleasant news like that in June last year. The value was quoted at $125.71 on 3rd June last year, which was 12.7% more than the current value.

With the graph going upward hike, one might see the equilibrium soon. But do not base your investment decisions on the same considering the red zone being followed since the start of the year.

Litecoin price chart - may 29

But if you are more bothered about the trend right now, 27th May was a good day so far this month. The value touched the range of $119.5. Investors are crossing the fingers for LTC to cross above that range. 27th May was a pleasant day since the beginning of the year as many of the investors got relieved with their returns.

Prediction & Conclusion:

It is predicted that the value might cross 165$ soon enough. Till then, the resistance level can be followed at $127 and the support level at $88, respectively.

Short-term investment is also a good option, but holding to the price of a long term might bring better fruits in your basket. But the question here is whether the value will touch down to the highest peak of $380 by the end of the year or not? Overall LTC is a good choice to invest in the cryptocurrency.

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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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