Sideways Trading in Litecoin: Next Resistance at $250
Early on Thursday, Litecoin is exhibiting signs of mixed trading after losing more than 7% of its value in the previous session. At the time of writing, LTC/USD is trading around $225.
This week has been a particularly volatile one as far as Litecoin is concerned, with prices rallying higher on Tuesday only to slide all the way back down and then some more the very next day. The cryptocurrency faces its next major resistance at the $250 level which it has not yet tested since its slide lower, while the $219 level provides it support for now.
Litecoin has had an interesting move through the recent months, staying least affected by the bull run that began late last year and went on through the early part of this year. Despite its failure to take off to record highs during the overall crypto market’s bullish run, it remains among the top ten cryptocurrencies based on its market cap, as per CoinMarketCap data.
The recent slide lower was triggered by a bearish mood in the overall crypto market, which drove a correction in LTC’s prices as well. However, technical indicators offer promising signs of an uptrend expected soon in this digital currency.
As we mentioned before, the next major resistance that Litecoin needs to overcome sits at $250, and a break above this can easily increase buying pressure and send prices all the way up to the $300 mark. Our bullish prediction for Litecoin receives further support from data that reveals an increase in the number of whales – users holding between 100k and 1 million LTC tokens, over the past couple of months.
On the fundamentals’ side, Litecoin enjoys additional support from the news announcement about asset manager CoinShares launching a new physically backed ETP based on Litecoin. The ETP will be listed unde the ticker LITE and will be the third crypto-backed ETP launched by the asset manager after the ones based on Bitcoin and Ethereum.
ABOUT THE AUTHOR
See More
Sidebar rates
Related Posts
SaveAdd 3440
Best Forex Brokers
🏆 7 Best Forex Brokers
| 🥇 |  | Minimum Deposit $100 |  |
| 🥈 |  | Minimum Deposit $100 | |
| 🥉 |  | Minimum Deposit $25 | |
| 4 |  | Minimum Deposit $200 | |
| 5 |  | Minimum Deposit $100 | |
| 6 |  | Minimum Deposit $200 | |
| 7 |  | Minimum Deposit $1 | |
Join 350 000+ traders receiving Free Trading Signals
Alerts
Rates
Calendar
Signals