Litecoin can be said to have had an outstanding 2019, the first half of the year recording Litecoin overtaking Bitcoin in the market. Before mid-June, the coin was the best performing digital asset of 2019. Increasing with over 170% in less than 90 days and surging at around $145. The increase gave exceptional profits to traders. Things started to turn sour from the Q3 and it persisted till the last day of the year.
So far, traders are relying on the New Year to bring in positive change to the price of the coin. Though the start of the year has been slow for the coin, it is predicted that the forthcoming days will yield a positive result. Regardless of the total downtrend, the LTC price has stayed unmoved in the past 24 hours.
Litecoin appears to be in a bad position after a huge decline since late November. The coin is currently exchanging hands at $41 after a 5% decline in price since last week. The price trend is looking bleak, all LTC’s EMAs have traversed to the downside and the price movement has been declining downwards since the summer. Except for a minor surge that happened in November.
The price action is a sign of weakness, particularly as LTC is currently trading beneath a major resistance level around $55-$57. The trading volume needs to experience some increment, as the price might not make any noticeable growth if it does not increase above $50. Currently, the trading volume is sited close to $2.7 billion, 33% below the volume recorded last week.
Litecoin LTC Price Prediction – Positive Result for Long-term Investors
LTC might likely encounter some resistance between the 200-day and 20-day EMAs if the coin finds recovery. If this happens, the resistance will fall in the range between $50 and $65.
As regards the long-term projection, it might take longer for a surge towards $100 to occur. It seems the next major increase LTC will experience will be after BTC halving slated in May 2020. LTC is currently trading at $41.6. The currency would soon breach the next support level at $41.44. The coin might decline to the next resistance level at $40.87. The intraday traders are projected to bear the loss.
Litecoin (LTC) Price Today – LTC / USD
The resistance levels are $42.44, $42.87 and $43.44, while the support levels are $41.44, $40.87 and $40.44. LTC is projected to give Bitcoin a hot chase in the future. The coin is forecasted to yield a positive result to traders in the long-term.