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Will the price of Litecoin Skyrocket to touch the $220 Mark?

The cryptocurrencies in the market have enjoyed the bullish movement in the cryptocurrency market a few days ago. The experts have predicted earlier that 2019 will be a great year for the cryptocurrencies and it is proved by virtual currencies high prices in this year. Currencies such as Bitcoin, Ethereum, Litecoin, and others are enjoying this bullish movement.

The value of the Litecoin is closely increased by 200% in less than 6 months. If the traders are thinking that a correction figure might cost them and they want to take the profits in the market and go away, but the experts have predicted that in the upcoming future the price of Litecoin could go up to 140% more in 3 months.

If this happens then the value of Litecoin could achieve the mark of $220 and this will effect on the eagerly awaited Litecoin’s halving, which resulted in the block reward of the Litecoin by 50%, making the value of Litecoin 25 LTC to 12.5 LTC. This type of halving of the value of currencies is proof bullish movements and experts also predicted that Litecoin’s price will go upward.

Currently, Litecoin is trading at a value of $85.42 USD and is currently experiencing a decrease in its value by -6.27%. The market capitalization of the currency is at $5,287,236,243 USD and the24-hour volume of $3,626,114,913 USD. The circulating supply of the currency is 61,896,026 LTC and the max supply of 84,000,000 LTC.

Litecoin’s value halving will not occur before August 6, yet the value of the altcoin has increase thrice in this year and even the technical signal of the currency doesn’t display strong momentum. Today, it is under bearish pressure and trying to reach the mark of $100 resistance level, but the expert is saying that the bullish movement will go further this level. Coinbase crypto exchange is showing the triangle structure formation in the increasing level.

The triangle structures show that the value of Litecoin will go upward and the diagonal support is indiscrete yet. The three ongoing averages are in the exact bullish movement, as the 50-day MA is high from 100-day MA, and the 100-day MA is high from the 200-day MA and this shows that the bullish trend of the Litecoin is alive.

The Litecoin is also creating an enormous inverted head and shoulders structure in the weekly time frame. This pattern was building from almost 1 year and this is a very long time to create a base for the bullish movement in the virtual currency ecosystem. Still, the main resistance level now is $100 and if the value of Litecoin will reach this mark, then the bullish movement will start. If this literally happens and the mark of $100 will be crossed once, then the value of LTC will go up to $175.

The value of Litecoin, if breakout from this then the downward trend of the Litecoin will be over. This type of trend in the value of Litecoin will attract traders or investors and other cryptocurrency enthusiasts. The bullish trend in the value of the Litecoin will help it go upward and cross the mark of $175 faster because the experts think that after $100 value only $220 mark will be the strong resistance level for LTC.

The experts are expecting the Litecoin’s value to consolidate at the mark of $175 before reaching up to the value of $220; even at that point, the bullish momentum will become stronger. The situation at the level of value will attract the buyer toward Litecoin, just like Bitcoin yet.

About Arushi Dubey

Arushi Dubey is a student of Bachelor in Arts( Psychology). She is pursuing Psychology in arts with English literature and French Language. She is well versed in the English language. She is good at expressing her thoughts into words. She is still getting more and more trained in gathering knowledge related to Crypto Currencies and expressing them.

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