As mentioned last week, Litecoin (LTC) has seen exponential growth since the beginning of March, leading a mini bull run with a massive 40% increase in price. However, the overall markets cooled off during April following bearish news about Bitfinex being insolvent and Binance’s 7,000 BTC hack.
Now it seems that Litecoin is falling sharply alongside the rest of the market. At the time of writing, LTC is hovering around $85 after losing about 10% since last week. Will we see a correction upwards or will price start to play with the 20-day EMA?
Although Litecoin has been underperforming recently compared to other altcoins, we shouldn’t forget that LTC has been on a bull run since March. The long-term trend is still intact for LTC and we should expect a nice pump soon, when higher volumes return.
Since last week, LTC has lost close to 10% as many traders have moved their profits from altcoins over to BTC. Hopefully, this trend will soon shift.
LTC is the only coin that is bullish by the book: the 20-day EMA is above the 50-day EMA, which is above the 200-day EMA. Plus, volumes are quite high around key levels. I see LTC support being around $73, while resistance remains around the $100 level.
Litecoin was released in October 2011 by Charlie Lee, a former Google employee. It was a fork of Bitcoin with the main difference being a smaller block generation time, increased maximum number of coins, and a different script-based algorithm.
Litecoin is one of the leading cryptocurrencies and is one of the Top 10 cryptocurrenciesby market capitalisation.
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