The price of Litecoin has managed to record hefty gains in the last three days. Recently, there have seen some hiccups with the Litecoin price forecast which has affected the entire crypto market. Still, the price of Litecoin is bullish and still follows the Litecoin price prediction 2019. Many have attributed this latest development with the price of Litecoin to the report about LTC’s announcement of a collaboration with Travala.com. Travala.com is a renowned online hotel booking platform. This news may well be behind the sudden surge in prices in the last three days. The move by both entities may actually signal that the Litecoin price is finding another area for mainstream usage.
While the recent action in the price of Litecoin was one of the early factors that signaled the start of a new bullish pattern in the crypto space, the altcoin has actually been dormant. A recent analysis of the charts shows that LTC may have been dormant in the last 3 weeks. It was noticeably absent when Bitcoin initiated its most recent price surge. Will this newfound momentum continue?
Litecoin price prediction 2019: The Price of Litecoin Has Been Bullish For the Last Three Days
Today, the end of Litecoin’s slumber began. Just this Wednesday the price of the altcoin railed to $107.34 which is a new high for the year.
The price of Litecoin rallied above $100.00 before correcting against the USD. LTC also declined below $98.00 after there was a strong decline in the price of BTC and ETH.
In the last three days, Bitcoin, Litecoin, EOS, Ethereum and XRP to name a few have all initiated strong rallies against the USD. The pair surged above $95.00 and $100.00 (both resistance positions) before facing sellers near $107.50 and $108.00.
Looking at the chart of the pair, the price of Litecoin traded as high as the $107.40 position. It started a downside correction today having lost 12% against the USD in the last 24 hours. The price had broken $102.00 and $100.00 to enter the current short term bearish area.
During the decline, we can see a break below the key bullish pattern with support at $92.50 via the hourly chart. Additionally, the LTC/USD pair broke support at $90.00 and settled below the 100-hour SMA.
Litecoin Price Forecast: The Price of Litecoin Formed a Swing Low at $83.99 – LTC/USD Live Price
A fresh swing low was created at $83.99. Now the price of Litecoin is recovering higher. It eventually climbed the 23.6% Fibonacci retracement position via the recent drop from $101.45 to $83.99.
However, we can see that there are a number of hurdles near $92.50 and $94.00. The 100-hour SMA is positioned with the previous support pattern and connecting the bearish line at $92.50 on the same chart.
Litecoin Price Prediction: The Price of Litecoin May Struggle to Move Beyond $92.70 and $93.50
Therefore, the price of Litecoin is likely going to struggle in an effort to clear above the $92.70 and $93.50 price positions (both of which are resistance levels). If there’s a close above $94.00, we might also see a fresh increase in the price of Litecoin towards the $100.00 and $105.00 positions.
Conversely, if the price of Litecoin fails to climb above $94.00, it could turn back and decline again. Looking at the downside, the basic support area is near the $83.00 and $84.00 price zone. Below these levels could see the price of the digital asset testing $79.50. As of the time this content was published according to data given by coin market cap the price of Litecoin was at $87.9.