Litecoin price prediction 2019 has not been impressive recently. The digital currency has been predicted to reach $1,000 by Charlie Lee, the Litecoin founder. Sadly, the market hasn’t been fair to the price of Litecoin. It has suffered bearish trends in April and only managed to welcome the bulls back after the Apr-30-May-1 double bar bull reversal. Since then the price of Litecoin has been bullish. Will this trend continue after the oncoming Litecoin halving? What should you expect from the price of Litecoin?
Litecoin (LTC) Price Today – LTC / USD
Litecoin Price Prediction 2019 – Litecoin Halving – Litecoin News Today
Litecoin remains the 5th largest digital asset and today, it is one of the best-performing currencies. Analysts believe it is bullish in the long term and may also be vulnerable to a correction in the short term.
According to reports from Coin market cap, the price of Litecoin is valued at $77.07. it also has a market cap of $4,752,181,233 with a 24-hour trading volume of $3,132,247,306. The price of Litecoin saw an increase of more than 4% since Monday at the Asian markets. In 24 hours, the token has gained over 5%. This gives Litecoin the title of top-performing coins for the day.
The LTC/USD pair sank to its bottom at $72.30 initially and has recovered slowly. The highest it has been in weeks is $83. 23 which was achieved on April 19.
From the charts, it is clear that LTC/USD recovery will be hindered by the Fib retracement level which is pegged at $79.75. when it is cleared, there will be a possibility of reaching an $84 high.
On the downside though, the initial support is at $77.00 and is reinforced by SMA100. This is followed by the $76.30 1-hour, simple moving average and the 61.8% Fib retracement.
On the other hand, the intraday RSI turned downwards implying that there is still a chance that it will correct downwards. The coin may be vulnerable in the short term. On the daily chart, it is the opposite as the RSI points upwards. This means that the Litecoin price prediction 2019 is bullish in the long term.
Did the Looming Litecoin Halving Play a Role in this Price Surge?
The week started in the green for most digital currencies so it isn’t clear whether the looming Litecoin halving had a role to play in the massive price surge of Litecoin.
Litecoin halving is an event that halves the number of generated Litecoin rewards per block by 2. This also means that the total number of Litecoin mined per block will drop from 25 to 12.5. also, the number of LTC per block will be scarcer. This halving reward ensures that the total supply of Litecoin reaches 84 million.
CoinGecko, a crypto data aggregator has created a countdown clock which will cover the Litecoin halving. The event is just a few months away and was planned as a part of the deflationary monetary policy that cuts the rewards of miners for powering the network by half. It slows down the new creation of Litecoin. If you want to follow the countdown, you can check the clock here.
Traders can expect a short term bearish trend, but in the long term, the Litecoin price prediction 2019 is bullish.