Are We Witnessing The Next Big Thing?
Litecoin’s performance in the last months has been something worth to watch. What has happened with the fourth cryptocurrency in the world?
Another week, another analysis to talk about. Last time, we took a closer look at Ethereum’s chart. This time, we have something even better: LTC!
To the roof, and beyond!
Litecoin grows at a tremendous pace, and is now at fourth place in the cryptocurrency ranking in terms of market capitalization, overtaking Bitcoin Cash. The LTCUSD exchange rate runs in the upward trendline creating higher and higher peaks and troughs. At the end of May, the demand managed the $100 barrier. Then there was profit-taking, and the market returned to the support re-testing. The firm exit over the top showed the strength of the market, which overcame further barriers and set the accelerated line for the upward trend.
For the last five months, LTCUSD has noted a 3.5-fold increase. Litecoin grows despite the current fluctuations on the market of other cryptocurrencies. Is it caused by the halving of a prize for digging? We could observe a similar scenario in 2015 when during three months before the halving the cryptocurrency rate increased to about 600%. The LTCUSD value reached from $1.3 in May to about $9 in July 2015, but eventually, it dropped to $3.
The chart says it all
The LTCUSD uptrend has begun from the trough in December 2018 at $23. Since then, the quotations increase has already exceeded 500%. The atmosphere fueled by social media causes the inflow of new buyers. Currently, the quotations on the market are moving along the accelerated upward trendline, which runs from the $110 support.
The exchange rate beat the resistance at $120 level, and can now provide the support for supply. If it breaks, the quotations might go down to the $110 level, which is the support for the original trendline. The rate strengthens the growth activity, as evidenced by the accelerated trendline. Testing the support at $140 is very likely in the near future. Then the quotations may reach even $180, which is the May resistance from 2018.
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