Crypto markets basically have been in consolidation for over every week, largely ready for Bitcoin to make its subsequent transfer. Litecoin, nonetheless, has not been ready round as it continues to surge hitting a brand new excessive for over a yr.
Yesterday’s inexperienced has been adopted by right this moment’s purple for Bitcoin and the vast majority of altcoins. The just one bucking the trend is Litecoin which continues to push increased as halving fomo intensifies. A couple of hours in the past throughout early Asian buying and selling LTC hit $140, its highest value since mid-May 2018. The transfer has added an additional 10 p.c to Litecoin over the previous few hours. It has since leveled out at round $139.
Market cap has now reached $eight.6 billion eclipsing each Bitcoin Cash and EOS which had been above LTC just some weeks in the past. Daily quantity is at $5.6 billion and there appears to be no stopping the Litecoin prepare in the meanwhile.
Litecoin’s Next Move?
Traders and analysts are wanting in direction of the charts once more for attainable areas of resistance and revenue taking alternatives. Trader ‘CryptoFibonacci’ has discovered some quick time period resistance the place the Fibonacci ranges line up;
“Very impressive, but running into some short term Fib extension resistance. Could still hit mid 140’s, but I expect a retrace here in the next couple of days.”
$LTC Daily Chart.
Very spectacular, however working into some quick time period Fib extension resistance. Could nonetheless hit mid 140’s, however I anticipate a retrace right here within the subsequent couple of days.#LTC pic.twitter.com/6NzdCs24Y1
— CryptoFibonacci (@CryptoFib) June 12, 2019
The subsequent main space analysts are expecting for LTC is $150 the place quite a lot of quick time period merchants will likely be taking earnings. The will trigger a pullback which is inevitable. For now not less than Litecoin seems to have decoupled from Bitcoin and is making unbiased progress whereas its huge brother failed to interrupt out of its vary certain channel.
Trader Josh Rager has additionally been eyeing the charts and has noticed that the $150 space is important each technically and psychologically;
“All you Litecoin fans must be happy about LTC breaking the current resistance on the daily. $125 has now flipped to support. Wouldn’t be surprised if LTC made its way up to $150 which will be strong resistance on the weekly and psychological take profit area,”
Halving in 54 Days
Litecoin halving is now solely 54 days away and whereas the chance of a correction earlier than then stays excessive, the worth could possibly be pushed rather a lot increased on the wave of fomo at present occurring. LTC father Charlie Lee has been fairly quiet currently however has actually not ignored the epic efficiency of his child posting this mining profitability replace a few days in the past;
Litecoin block halving is in 56 days! https://t.co/EBWbsIUp47
Here are some stats on mining profitability. After halving, miners are nonetheless worthwhile with electrical energy underneath 10¢. Many are paying solely 5¢ and subsequently ought to preserve mining LTC post-halving. (https://t.co/AcQPEjdNtb) pic.twitter.com/VtA9aAv7FS
— Charlie Lee [LTC⚡] (@SatoshiLite) June 10, 2019
Litecoin has blitzed its brethren and has been one of many high performing crypto belongings of 2019. Since January 1 LTC has surged over 350 p.c and it’s now again to round 60 p.c off its all-time excessive, which is method higher than among the others nonetheless languishing at 80 p.c down. $150 Litecoin is just not far-off and the possibility of $200 before halving stays sturdy.
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