Litecoin (LTC) price analysis: LTC/USD stays above $75.00 as upside momentum fades away

The developers of the fifth largest digital asset released an update for the cryptocurrency wallet Litecoin Core v0.17.1. The release includes minor …
  • The 5th largest asset is rangebound on Thursday
  • Litecoin core wallet is updated.

Litecoin (LTC) is changing hands at $75.24, off the intraday high of $76.27. The fifth largest digital asset with the current market value of $4.6 billion has gained over 1.5% in recent 24 hours moving in sync with the rest of the market.

LTC/USD has been rangebound this week as the recovery from May 6 lows is limited by psychological $80.00 with 50% Fibo retracement located on approach. Once the barrier is taken out, the upside momentum is likely to gain traction with the next focus on $83.26 (May 4 high) and $84.34 (38.2% Fibo retracement).

On the downside, the initial support lies with $74.25 handle, strengthened by SMA100 (4-hour). It is followed by May 6 low at $72.28 and psychological $70.00

Litecoin Core update

The developers of the fifth largest digital asset released an update for the cryptocurrency wallet Litecoin Core v0.17.1. The release includes minor interface changes, extended privacy functionality and reduced transaction fees (0,0001 LTC). Thus, at the current exchange rate, users will pay on average $0.15 to have their transactions written in a block. However, in the periods of low demand the fee may be less than $0.01. The developers believe that new functionality will appeal to those who wants to launch their own Lightning Network.

LTC/USD, 4-hour chart

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Analysts covering Litecoin (LTC) look at the 8.04% rise on May 6-7

It was good day for Litecoin (LTC), as it jumped by $5.86 or 8.04%, touching $78.75. Top Crypto Analysts believe that Litecoin (LTC) is looking for the …

It was good day for Litecoin (LTC), as it jumped by $5.86 or 8.04%, touching $78.75. Top Crypto Analysts believe that Litecoin (LTC) is looking for the $86.63 goal. According to 8 analysts could reach $228.29. The highest price was $79.33 and lowest of $72.32 for May 6-7. The open was $72.89. It last traded at Bitstamp exchange. Aproximately 385,132 LTC worth $29.17M was traded.

For a month, Litecoin (LTC) tokens went down -14.55% from $92.16 for coin. For 100 days LTC is up 143.51% from $32.34. It traded at $52.81 200 days ago. Litecoin (LTC) has 61.66 million coins mined with the market cap $4.86B. It has 84.00 million coins in circulation. It was founded on 13/10/2011. The Crypto LTC has PoW proof type and operates under Scrypt algorithm.

Litecoin LTC – provides faster transaction confirmations (2.5 minutes on average) and uses a memory-hard, scrypt-based mining proof-of-work algorithm to target the regular computers and GPUs most people already have – which are its main differentials to Bitcoin. The Litecoin network is scheduled to produce 84 million currency units with a halving in reward every four years just like bitcoin. The coin was created by a Google employee, Charles Lee. Litecoin is in second spot to Bitcoin and has spawned numerous clones – however it has a solid base of support and dedicated development team.

The Litecoin project is currently maintained by a core group of 6 software developers, led by Charles Lee, with a large community that is growing in support.

In May 2017, Litecoin became the first of the Top 5 (By Market Cap) cryptocurrencies to implement the SegWit scaling solution. Later in May of the same year, the first Lightning Network transaction was completed through litecoin, transferring 0.00000001 LTC from Zurich to San Francisco in under one second.

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Litecoin (LTC) dropped $-3.58000000000001 for a day

It was bad day for Litecoin (LTC), as it declined by $-3.58000000000001 or -4.60%, touching $74.21. Global Crypto Experts believe that Litecoin (LTC) …

It was bad day for Litecoin (LTC), as it declined by $-3.58000000000001 or -4.60%, touching $74.21. Global Crypto Experts believe that Litecoin (LTC) is looking for the $81.631 goal. According to 9 analysts could reach $193.748590364816. The highest price was $78.34 and lowest of $73 for May 5-6. The open was $77.79. It last traded at Gemini exchange. Aproximately 232,376 LTC worth $17.61 million was traded.

For a month, Litecoin (LTC) tokens went down -19.89% from $92.63 for coin. For 100 days LTC is up 125.02% from $32.98. It traded at $52.35 200 days ago. Litecoin (LTC) has 61.65 million coins mined with the market cap $4.57B. It has 84.00M coins in circulation. It was founded on 13/10/2011. The Crypto LTC has PoW proof type and operates under Scrypt algorithm.

Litecoin LTC – provides faster transaction confirmations (2.5 minutes on average) and uses a memory-hard, scrypt-based mining proof-of-work algorithm to target the regular computers and GPUs most people already have – which are its main differentials to Bitcoin. The Litecoin network is scheduled to produce 84 million currency units with a halving in reward every four years just like bitcoin. The coin was created by a Google employee, Charles Lee. Litecoin is in second spot to Bitcoin and has spawned numerous clones – however it has a solid base of support and dedicated development team.

The Litecoin project is currently maintained by a core group of 6 software developers, led by Charles Lee, with a large community that is growing in support.

In May 2017, Litecoin became the first of the Top 5 (By Market Cap) cryptocurrencies to implement the SegWit scaling solution. Later in May of the same year, the first Lightning Network transaction was completed through litecoin, transferring 0.00000001 LTC from Zurich to San Francisco in under one second.

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Litecoin (LTC) – Still one of the most practical coins to hold in 2019

Litecoin (LTC) has been one of the better crypto performers this year. In spite of correcting from $99 to its current price of $76, it’s still in an uptrend …
Litecoin, LTC

Litecoin (LTC) has been one of the better crypto performers this year. In spite of correcting from $99 to its current price of $76, it’s still in an uptrend from its lows of $21 a few months back. Going forward, Litecoin is likely to continue showing strength thanks to the upcoming block halving. With each passing day, the Litecoin halving is getting closer, and could play a huge role in supporting the price of Litecoin (LTC). Even Charlie Lee recognizes the possible impact of the halving to the price of Litecoin (LTC). In a recent interview, he stated that,

The reward halving might be why LTC is doing so well price-wise in 2019. Maybe the price will go up more before the halving, or people might take profit. It’s hard to say. I always tell people to average cost in when buying and average cost out when selling.

Clearly, while it’s hard to tell its potential impact on LTC, chances are that it will have a huge impact on the price, if the last halving is anything to go by. Chances of Litecoin halving leading to a huge price rally will increase if the market, especially Bitcoin (BTC), will be bullish by the time it happens. So far, Bitcoin hasn’t disappointed. It is now close to $6k from a low of $3100. If it continues on its current trajectory, Bitcoin could easily be trading upwards of $8k soon. This could significantly support Litecoin’s price especially just before the halving.

Besides, the speculative wave that is likely to come with the halving, Litecoin (LTC) is getting better as a functional currency. According to Charlie Lee, they are now working on making Litecoin fungible. They are looking to add MimbleWimble, the technology that will make each unit of Litecoin (LTC) similar to the next one. Once implemented, Litecoin (LTC) will become money, just like fiat. This could significantly drive up its usage as a currency. That’s because, no one would want to transact huge amounts of money in a crypto that could be blacklisted based on its source. Litecoin (LTC) is already one of the most adopted cryptocurrencies in the market, and once it becomes fungible, its adoption could skyrocket. This places it in a good position for growth this year, since according to Charlie, it’s the key thing he is working on at the moment.

Litecoin’s prospects are also increased by its increased adoption by major global brands. One of the big brands that have adopted LTC is UFC. Millions of people watch UFC matches annually, which makes it a perfect platform for driving LTC adoption going into the future.

With all these factors at play, it is quite clear that Litecoin (LTC) is a practical investment this year. Its correction may be an opportunity to buy in, in anticipation of it possibly gaining in the near to medium term. Besides, in the weekly charts, it has key support on the 50-day MA. If this support holds, could help propel LTC upwards.

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Litecoin (LTC) price analysis: LTC/USD hovers below $74.00, down 5% in recent 24 hours

Litecoin (LTC) is changing hands at $73.53. The fifth largest digital asset with the current market value of $4.5B has lost over 3.5% since the start of the …
  • The 5th largest asset is one of the worst-performing coins on Monday
  • Litecoin halving is looming.

Litecoin (LTC) is changing hands at $73.53. The fifth largest digital asset with the current market value of $4.5B has lost over 3.5% since the start of the Asian trading on Monday, and over 5% in recent 24 hours. Thus, LTC had become one of the worst performing coins of the day so far.

LTC/USD has been losing ground steadily since May, 4, when the coin touched the highest level since April 19 at $83.23. The downside momentum qualifies as a natural correction after a strong growth 0ff the recent low $66.02.

It is worth noting that LTC remains is one of the best-performing cryptocurrencies with over 120% of growth in recent three months.

On the intraday charts, the price slipped under $74.00, This area strengthened by SMA200 (1-hour) now serves as a local resistance for the price recovery. Once it is cleared, the bullish momentum is likely to gain traction with the next barrier seen at $76.70 (SMA100 1-hour) and psychological $77.00 closely followed by SMA50 (1-hour).

On the downside, the critical barrier is created by the recent low of $72.30, followed by psychological $70.00. A sustainable move lower will bring us to psychological $66.30 (the broken sloping trendline), where a fresh buying interest is likely to appear.

Meanwhile, Litecoin is moving towards halving, scheduled on August 6, 2019. Halving means that miners renumeration will be slashed in half to 12.5 LTC. Typically, this development supports the upside price momentum as the halving affects the speed of new coins are mined and added to the circulation and thus reduces the inflation of the asset.

LTC/USD, 1-hour chart

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