The Litecoin (LTC) market, which seemed to be falling off a cliff following its most recent rally, is now recovering again. Litecoin is currently trading at around $72 after a 7% drop since last week.
As mentioned earlier in the week, LTC has seen exponential growth since the beginning of March, leading the current mini bull run with a massive 40% increase in price. It seemed the market was losing heat and prices could start to consolidate or even decline, but this week saw most coins rallying up again.
I expect the trend to continue upwards and to follow Bitcoin’s.
Looking at the chart above, the 20-day EMA has already crossed both the 50 and 200-day EMAs, and LTC is still trading above that support level, which sits at around $68. The 50-day EMA, which sits at around $58, is also showing strong support for consolidation above the 20-day EMA. Finally the 200-day EMA, which is sitting just above $56, is also showing signs of moving upwards.
Volume, on the other hand, has decreased substantially. At the time of writing, LTC volume across major exchanges is about $2.7 billion, whereas just a couple of weeks ago it was sitting close to $7 billion. Could thinner volumes mean buyers are back in charge? Unless there is a clear reversal, I would expect LTC to continue going upwards towards early April’s highs.
The altcoin market looks like it is on a clear downward trend, with lower highs since the boom in early April. Plus, volume-wise, it seems to be strongest between $28-$44 for Litecoin.
Litecoin was released in October 2011 by Charlie Lee, a former Google employee. It was a fork of Bitcoin with the main difference being a smaller block generation time, increased maximum number of coins, and a different script-based algorithm.
Litecoin is one of the leading cryptocurrencies and is one of the Top 10 cryptocurrencies by market capitalisation.
More Litecoin news and information
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By Nawaz Sulemanji – May 2, 2019
As with any investment, it pays to do some homework before you part with your money. The prices of cryptocurrencies are volatile and go up and down quickly. This page is not recommending a particular currency or whether you should invest or not.