Possibility of there being a mini-rally over the next two days means that Litecoin (LTC) holders have reason to remain upbeat. A look at the charts shows that the drop in coin value is evenly spread across the networks. And in layman’s interpretation, the recent patterns help buoy the belief that Sunday and Monday could see the prices move up. The same can be said of Litecoin.
However, the cryptocurrency has fared no better than the other coins in the top ten as ranked by Coinmarketcap.com. The coin continued to reverse the gains it posted midweek, slipping into the red on the hour-to-hour chart, before finding support to climb 3.38% against the USD. Its 24h change showed a 3.77% improvement that helps its 7-day change remain in the green. The bears had threatened a pullback, as the earlier gains appeared to be rapidly fading. The overall 3.70% 7-day change is not as appealing as Thursday’s 7.9% gain, but it signals a change of sentiment is on hand.
It hasn’t been all good news though. The entire top 10 was at one point in the red, the market outlook threatening to turn nasty. Yet again, Litecoin (LTC) bulls put on a rally to keep the price from dropping further.
The LTC/USD pair had dropped into the red earlier today as the confusion in market continued to dictate price movement. The 5th ranked Litecoin had posted an impressive recovery on Friday, ending the day up by 3.17% to close at $164 against the dollar. The reversal this morning saw it erode the 8.7% change for the week. Its 24h change at one point dropped and stood at 1.73%.
That inevitably led to fears that things would turn ugly. It actually begged the question of whether there would be a strong support line to prevent a bearish break below $160. For hours, LTC/USD moved sideways between $160 and $164. It dropped sharply early in the morning to trade at $157, before briefly rising to $169 on hour-to-hour charts.
Though not among the biggest winners, LTC isn’t also among the biggest losers of this week either (you can look in the direction of Ethereum with a 7-day change of -8.54%). Nevertheless, the uptrend needs to be maintained to cross the resistance line at $166.
Litecoin could rally to above $180 by end of weekend.
The main concern this week for cryptocurrency has been Binance troubles in Japan. Negative news about a possible ban by the Japanese Financial Services Agency plunged the, market into panic. However, the crypto exchange, the largest by market share, is now reportedly looking to Malta. Whatever the case, it could be just what the market needs to turn bullish.
Dropping prices accord investors with the opportunity to examine the market and establish trends. Litecoin is one of those coins that have the potential to rebound big time. It is expected that should a bull run be initiated, LTC will be one of the coins to watch.
The addition of Litecoin to the Abra app and the revelation that LTC was the anchor coin, only adds to its continuing adoption push. It makes LTC visible to first time investors as well as those looking to buy other coins. With all the recent positives about Litecoin, I have belief that we shall have a run when the market finally picks up.
We know Litecoin (LTC) is primed to make itself the best coin for micro-payments with its upcoming update. If that happens as planned and transaction fees drops to 0.00001 LTC, then I see the coin surging in value as the year progresses. At the moment transactions on the platform cost 0.001 LTC, still way cheaper than the standard bearer Bitcoin. In terms of what you pay in fiat, the current tx fee stands at just $0.2, meaning it will be negligible with the update. Let the weekend roll on, LTC will be trading higher on Monday than today or Sunday.