Litecoin Presents a Great Investment Opportunity As It Tests a New 3-Month Low

litecoin price

The performance of Litecoin (LTC) over the past weeks has been very poor. The price of Litecoin (LTC) has been on a downward trend a couple of weeks before the Litecoin halving event took place on August 5. On the day of the event, LTC USD price tested a high of $100. However, it has lost more than 25 percent of that value at the press time. Over the past 14 days, the price of Litecoin (LTC) has plunged by more than 22 percent.

The recent decline in the price of Bitcoin (BTC) dragged the altcoin market along. Many altcoins plunged heavily and tested new yearly lows. Litecoin (LTC) also lost a considerable fraction of its value and plunged to the low of $70. Litecoin lost its position to Bitcoin Cash some weeks ago. Since then, the digital currency has not been able to reclaim its position. It is now at the fifth position on the list of top digital currencies by market cap.

Litecoin Price Analysis – Litecoin Tests 3-Month Low – Litecoin Price Prediction 2019 – Cryptocurrency Market Update

The past few days have been pretty hot for Litecoin (LTC) and other digital currencies. The price of Litecoin was on a continuous downtrend for more than two days. The price of Litecoin (LTC) broke below the $84 support level and continued heading south. The $77 support was not able to prevent further losses and LTC USD Price plunged further to the $70 area. The digital currency has slightly recovered over that level and it is now trading around the $74 range.

The digital currency is currently facing hurdle on the upside at the $75 and $77 resistance levels. Over that level, the next resistance is at the $80 and $84 levels, which contains the 200-day exponential moving average. On the other side, the immediate support of the digital currency is at the $71 mark. If the price of Litecoin plunge below that level, it is likely to find support around the $67 mark. The next support levels after that are the $65, $63, and $60 levels. However, it is unlikely for Litecoin (LTC) to plunge towards that level. The digital currency seems settled at the moment, but it needs enough bullish traction to surge higher and return to its previous trading position.

Litecoin (LTC) Price Today – LTC / USD

NamePrice
litecoin
Litecoin
$52.10-5.10%

Now Is the Best Time to Invest In Litecoin (LTC) – Best Cryptocurrency to Invest in 2019 – Cryptocurrency Market Update

The search for the best cryptocurrency to invest in 2019 is an unending one for many digital asset investors. While others complain during trading periods like this, some digital asset investors usually see it as a great opportunity. The low prices of digital currencies allow investors to acquire more coins and increase in their holdings.

The price of Litecoin (LTC) is down to around the $74 mark, and it is unlikely to plunge further below the $70 mark. This means this is a great time to acquire more LTC coins or to invest in the coin if you have not done so before. The price of the digital currency is more likely to bounce back in the short-term, and many digital asset investors would be smiling to the bank when this happens.

Brian Lubin is a Crypto News Reporter for Smartereum. He's well-known for his reports on the crypto markets.

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