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LTC/USD Litecoin Price Prediction — How Far Can Bears Push Litecoin Away from the Expected $100?

Price Predictions
Fri, 05/24/2019 - 02:30
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Denys Serhiichuk
The “digital silver” is not going to give up?? even when other coins are going down. Is it a chance to buy some crypto or should one wait for a deeper ??‍♂correction?
LTC/USD Litecoin Price Prediction — How Far Can Bears Push Litecoin Away from the Expected $100?
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Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

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Litecoin or "digital silver" did not choose its own movement patterns, and followed the market correction. However, the coin is not the biggest loser of the day, as there are other assets whose rates have dropped by more than 5%. In terms of the LTC rank in the global cryptocurrency rating, there is an ongoing “battle” with EOS for 5th place.

Top cryptocurrency chart
Top cryptocurrency by CoinMarketCap

Despite the price drop, the daily sentiments of Litecoin are relatively positive.

LTC Daily Sentiment
LTC Sentiments by Enroyd

The following chart shows the daily average sentiment score of several different social media posts related to the coin.

Now, let’s switch to the technical point of view.

LTC/USD 1-hour chart
LTC/USD chart by TradingView

On the hourly chart, we see that the quotes are moving down once the Head and Shoulders pattern is formed. LTC could not hold the $88 level, and bears pushed the coin below the support zone.

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The current price of Litecoin is not the bottom, the rate may go down to one more critical level at $84, after which the bounce back is likely to happen. The decreasing trading volumes are updating their local minima, which serves as the confirmation of the price drop.

LTC/USD daily chart
LTC/USD chart by TradingView

On larger time frames, the situation looks more positive; LTC has been in the uptrend since the beginning of February 2019. While the coin is above $80, no technical signs can stop its growth. This is backed by the increasing trading volume since November 2018. Moreover, the RSI indicator is not overbought; currently, it is moving downwards, meaning a great long-term buying opportunity.

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OKEx Announces Expansion on Litecoin (LTC), Could Be Adopting Lightning Network

Overall, if no deep correction happens on the cryptocurrency market, one can expect LTC at $100 till July 1.

The price of LTC is trading at $88.40 at the time of writing.

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About the author

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing, ATB Coin, and others, can be contacted at denys.serhiichuk@u.today.