Litecoin News Today – Litecoin LTC Approaches the $60 With Possible Surge to $70 on the Horizon – July 31st, 2020

  • Litecoin LTC Continues to Surge Against the USD Heading Towards $60
  • Crossing $60 Might Pave the Way for a Surge to the $70 Level

Litecoin News Today – Litecoin LTC is currently enjoying a key bull rally against the USD. For the past few days, the token has been among the best performing altcoins in the top 20 list. The current price action shows that the token might be pumping into deflating fundamentals as the price is moving closer to the $60 level. If the Litecoin LTC time continues in the bullish trend, there is a strong chance that it will reach the $70 level soon. At first, the surge in the price of Litecoin was as a direct result of the positive momentum in the rest of the market. Every other token was surging and Litecoin was surging with it. However, even as Bitcoin and other cryptocurrencies started correcting lower against the USD, the Litecoin LTC token has found a way to maintain the uptrend.

Litecoin News Today – Litecoin LTC May Test the $70 Level Soon

The on-chain analysis for Litecoin LTC shows that the token currently has mixed signals. So, while there is bullish momentum against the USD, the LTC token also shows signs of bearish pressure. This is because the trading volume and the active addresses for Litecoin is reducing significantly at this time. The market-wide price surge that took the price of the Bitcoin above the $11,000 level will most likely take the price of Litecoin LTC to the $70 level.

Litecoin (LTC) Price Today – LTC / USD

NamePrice
litecoin
Litecoin
$60.57

At the time of writing, the price of Litecoin LTC was $56.99. It is up by 3.84% against the USD and up by 1.52% against Bitcoin BTC. The trading volume over a 24 hour period is $2,737,575,925 and the market capitalization is $3,712,532,269. A strong resistance has been formed at $60 but the immediate resistance is at $57. This is the same level the token got to before it started correcting lower against the USD. On the other hand, if the price of the LTC token falls, it will lose several support levels until it gets to the key support at $44.

According to the Litecoin price analysis on Santiment, the warning signs for Litecoin are real. Part of the post was as follows

“While Litecoin’s price continues to rise, its network volume has yet to catch up, and trying to pump into stagnant or deflating fundamentals is rarely what you want to see in a coin. Keep an eye on Litecoin’s daily active addresses in the next couple of days – after a few strong days correlating with the price action, the number of addresses sending or receiving LTC dropped by -15% compared to the day prior.”

Max writes about blockchain projects and regulation with a special focus on United States and China. He joined Smarterum after years of writing for various media outlets.

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