Litecoin was the highest gainer in the crypto market a few days ago after the massive correction. The coin saw a 20% increase under 24 hours. This price has swung in four different directions in the last 24 hours.
Litecoin price has slowed down when it comes to upwards movements in the last 24 hours. However, the price of Litecoin is still bullish in the short and medium-term. Litecoin price prediction is also inching towards $200.
Litecoin (LTC) Price Today – LTC / USD
Litecoin Recovers from Correction Phase
From data analysis, it is clear that LTC has overcome its price correction phase. The coin is now headed for a slightly bearish trend. LTC was the first crypto to surge from the 2018 crypto winter.
However, the crypto is also the first to correct from an overbought/oversold region. This has been seen in the recent price correction of more than 50 percent against the dollar. At the moment, the coin is bouncing back across the charts.
The price surged to $146 and then it stumbled in February. Since then, it has risen from its $70 across the $100 psychological level while breaking several resistance levels. Recently, it fell below the $100 mark.
At the time of writing, the coin is trading over $100, a crucial resistance point. This is a clear pointer that the bullish trend has come to stay. Its 24 hour volume is $3,837,612,974 with a market cap of $6,506,419,411.
Litecoin Halving Effect May Have Started Already
Some analysts believe that the effects of Litecoin halving may affect the altcoin market in general. Perhaps the altseason, could be triggered by its price surge.
Prior to the previous Litecoin halving, the price of LTC surged by over 450%. Investors expect the exact same pattern from the coin. However, the surge hasn’t started yet. Still, the upsurge in LTC price is impressive compared to all other altcoins. It has shown signs of full recovery after the bloodbath that ensued on the crypto market a few days ago.
Charlie Lee, Litecoin creator said traders should take their profits when the market sees a surge. Chainnode hosted an ask-me-anything or AMA session. In this meeting, the founder spoke about the psychology of the market as well as his decision to sell all his Litecoin holdings as the 2017 bull run ran its course.
“I didn’t know when the bear market will hit, but I did know that it was bound to happen. Having been in this industry for 6 years at the time, I’ve seen multiple bear and bull markets.
We always overshoot both on the upside and the downside. So, when the market has been going up a lot, it’s always good to take some profit. That said, when I sold, I wasn’t thinking of timing the high. That was just luck. No one really knew and I didn’t know. I thought LTC might hit $1,000 at the time.”
According to Lee, short term volatility in the cryptocurrency market will not stop bitcoin and Litecoin from surging in the long run.