Litecoin price analysis 30 May 2019; bulls are back in the game

Fibo Quantum

LTC is one of the best performing cryptocurrencies of May 2019. As of writing this article, the coin has gained more than 45% within this month.

The month started with a slow market and LTC was stagnant at the $71 price point, but soon enough we were all happily surprised by the Bitcoin push on the 10th, and LTC started moving.

As of writing this article, Litecoin is enjoying a $117 position with another pump after yesterday’s frozen market. The news about the upcoming halving did wonders for the coin as bulls prepared for the potential price doubling, while the bears tried to drag down the market to find the optimal entry point.

At this moment, the short-term prediction is yet again, bullish, due to the daily RSI. Furthermore, it seems like we survived the weekly pattern this week, as Thursday saw a rebound from yesterdays bearish weight.

LTC chart by Trading View

There’s not much to be said about LTC besides the fact that every investor should anticipate the month of August or early September. During one of these months, LTC’s block mining reward system will be cut in half and miners will have to make do with only 12.5 LTC instead of 25 LTC per block.

In order for LTC to remain profitable in terms of mining, some kind of price correction is expected. At the moment, it’s believed that LTC will either increase by at least 30% or by 100% respectively.

The overall outlook for LTC in September is around $300 if the market keeps moving like this before the halving. And a $400 prediction for the end of the year.

Advertisements