Litecoin Price Analysis: There is Still Opportunity to Grab Some LTC Before it Shoots Back to $100 and Beyond

  • Litecoin (LTC) price has a minor technical pullback ahead of further potential leaps into the sky.
  • There appear to be just three significant price barriers that are in the way of a $100 return.

LTC: Recent Price Behaviour

The Litecoin price on Thursday cooled after the decent run higher than has been observed of late. LTC/USD earlier this week pushed to its highest levels seen since September 2018, within the $64 territory. The price is on a solid path to recovery, rising from the ashes following the bottom in December 2018. It was down at depressed levels of $22, which at the time was the lowest level since May 2017.

Since the above-noted bottom, LTC/USD has gained around 177%, demonstrating somewhat similar characteristics to the 2017 bull run. However, given this aggressive push north there wasn’t much in the way of technical levels to breach, making gains easier to come by. The price this time around has areas to work with to reach those type of heights again. Small hurdles are in the way of decent upside, which the bulls at the current pace of momentum are jumping over with ease.

Litecoin Makes Pursues Mass Adoption in 2019

The Litecoin Foundation has stepped up its efforts on the partnership front this year. Litecoin became an official partner of the UFC, the first and only cryptocurrency to sponsor such a high-profile combat sport. Events via the Ultimate Fight Championship are proclaimed to bring in millions of viewers. Elsewhere, Litecoin partnered with Glory Kickboxing, a competition that also has the potential for great viewings to raise awareness of LTC.

Fast Road Back to $100

LTC/USD daily chart.

There are just three barriers that appear to be in the way of a $100 reclaim, according to the daily chart view. LTC/USD recently reconquered the $50 price territory; the price has since tested the $65 region but faced rejection. The small knock back observed is likely to see the bulls come back stronger, i.e., a minor technical pullback ahead of further potential moves north. Litecoin retested the below-broken zone for support, $60-$55 range. It is likely going to use this as a springboard to smash through the $65 area.

Upon a successful breakdown, eyes will then be on $70-$75, an area the price has not traded within since August 2018. Further to the north, there isn’t much in the way of resistance up to $90-$95, where the price faltered in July 2018. Finally, LTC/USD could then be free to smash back into the $100 territory, where it last traded in June 2018. It would mean from the current price at the time of writing, moving another 70% to the upside to reclaim the big psychological price mark.

Disclaimer: The author owns Bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

 Featured image courtesy of Shutterstock.

Author:
Ken has over 8 years exposure to the financial markets. During a large part of his career, he worked as an analyst, covering a variety of asset classes; forex, fixed income, commodities, equities and cryptocurrencies. Ken has gone on to become a regular contributor across several large news and analysis outlets.

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