The crypto market experienced a blood bath yesterday with coins losing double digits. Litecoin was one of the casualties as it lost 13% of its value as it slumped to $87. Analysts believe that Litecoin price will fall slightly before the massive rally due to the Litecoin halving event.
Litecoin (LTC) Price Today – LTC / USD
After the massive price correction yesterday, the entire crypto market is back in the green zone. Litecoin is the highest gainer so far with a 20% surge. Perhaps the result of the congress hearing yesterday which favored crypto is responsible for the surge today.
Bitcoin Touched $10,000 Briefly
Earlier in the day, Bitcoin surged back to $10,000 after it failed to cross the psychological level yesterday. However, the candle closure was absent on the hourly chart and this sent the price back to $9,800. BTC price has consolidated at the $9,800 level for a few hours. It is expected to cross $10k again as altcoins lead the market after a long time.
Litecoin is leading the pack in the top 25 cryptos by market cap list. The fourth-largest cryptocurrency by market cap dipped to a new low of $78 and managed to surge by 20% to reach $94. The daily volume is almost $5 billion, and this gives Litecoin a market cap of $5.8 billion. LTC was also able to take back its fourth spot from Bitcoin Cash on the market charts.
On the daily chart, the bullish engulfing candle is a great sign that its price would rise again. However, the coin needs to cross the 50 day MA which is below $120 to be in a safe spot. From there, its price could head to the moon.
Litecoin Halving Is Drawing Closer
Some analysts believe that this surge may be tied to the upcoming Litecoin halving which is just 17 days away. The first pump LTC got was the initial high of $145 when it went along with BTC’s rally. still, investors expect more surges since the block reward splitting event is closer than ever.
Most of the time, LTC price determines how well or how badly other altcoins will perform. It even rallies first in most cases before the altcoins follow suit. This year, Litecoin has gained up to 380% in value. This figure also includes the recent dump back to double digits in recent times. However, the coin is still up by more than 200% since January 2019.
The coin is presently facing a lot of resistance at the $93 level, but if it succeeds in crossing the psychological barrier of $100, then it could mean more gains within a short time. LTC surged from a similar price trend during the 2017 bull run. It touched $340 in less than one week.
In the Asian trading board today, the market is greener. On the altcoin side, it is even better as the coins recovered from the price dip yesterday. Many of the altcoins are seeing double-digit gains. Some like Chainlink and Bitcoin SV have added double digits of 13% while Tezos and NEO, as well as Ontology, have seen 15% in 24 hours.
Is this the start of altseason? Some believe that it is still not clear if this recovery is enough to declare altseason. But this is definitely a start.