Charlie Lee’s creation has been somewhat of a disappointment for holders and traders in 2019 since many expected it to rally after the halving that took place on August 5. LTC had a nice run throughout the spring/summer of 2019, which coincided with the minor upward trend within the entire cryptocurrency market. However, instead of the expected consolidation period and a subsequent continuation of price growth, Litecoin has had a harsh correction, with bears dragging the price to $37 from the yearly high of $144. Therefore, Litecoin had ended the year 2019 less than $6 higher than it began the rally - a totally different scenario from what various experts had been preaching during the pre-halving hype.
So the real question with regard to Litecoin is the following: would the Digital Silver be capable of recovering after such an intense and prolonged pressure from the bears and become one of the most attractive cryptographic assets again?
To make matters worse, LTC began sliding down in the Coinmarketcap ranks being pushed over by the likes of Bitcoin Cash, Bitcoin SV, and USD Tether. At the time of writing, Litecoin was even briefly overpowered by EOS and descended even lower, to the 8th position in the global ranks, although it regained its place shortly afterward.
Nevertheless, in the last 30 days, Litecoin has gained 38% against the US Dollar and 12% relative to Bitcoin, offering a hint of hope that the post-halving crash might have been a fluke, and we would see LTC back above $100 in 2020.
One of the basic rules of chart reading dictates that in order for the downtrend to persist, the price has to continue making lower highs and lower lows. A significant deviation from this pattern means that the trend structure is broken, and the market could be gearing up for a reversal. That is precisely what has been happening to the price of Litecoin since the beginning of January.
1-day LTC/USDT chart
Here Litecoin has broken out of the well-established downward channel to the upside on the back of the very heavy buy volume. Before the retracement kicked in, LTC gained 63% in two weeks, leaving traders and holders wondering if they are finally witnessing the coin’s revival.
The short rally was followed by a healthy retracement, which was accompanied by a decline in trading volume.
1-day LTC/USDT chart
Presently, the price of LTC is making efforts to turn a breakthrough into a fully-fledged upward trend by pushing through the bullish pennant after showing a dragonfly Doji at the bottom of the retracement path. The following bullish engulfing pattern signals that Litecoin is likely to continue climbing uphill if the buyers manage to drag the price past the critical resistance level at $65. Should that occur, Litecoin would step on an open road in the direction of $80.
4-hour LTC/USDT chart
On a smaller time frame, Litecoin has already made the hope-instilling two lower highs, though it is essential to wait for it to confirm the support at $55.3 before entering long positions. On both 1-day and 4-hour time frames, LTC remains above the 200-day DEMA after the breakout, despite a slight dip during the retracement, with the RSI currently being neutral - all these signs point to the possibility of further advancement upward in the next 7 -10 days.
|#||Crypto||Prediction||Accuracy||CVIX||Price||24h||7d||Market Cap||7d price change|
|1||BTC||Bitcoin predictions||74%||46||$36 573.27||0.47%||-6.15%||$692 773 893 848|
|2||ETH||Ethereum predictions||68.4%||61||$2 395.04||-1.19%||-16.58%||$285 835 747 014|
|3||USDT||Tether predictions||92%||1||$1.000293||-0.01%||0.01%||$78 191 524 513|
|4||BNB||Binance Coin predictions||70.4%||65||$384.43||4.84%||-10.35%||$63 475 748 701|
|5||USDC||USD Coin predictions||91.2%||1||$1.000240||-0.02%||-0.01%||$49 498 522 885|
|6||ADA||Cardano predictions||69.6%||64||$1.021485||-1.64%||-17.20%||$34 273 904 637|
|7||XRP||XRP predictions||72.8%||53||$0.597685||-1.25%||-13.61%||$28 531 643 354|
|8||SOL||Solana predictions||68.8%||67||$88.80||-1.31%||-28.10%||$27 969 104 592|
|9||LUNA||Terra predictions||63.2%||73||$51.75||-12.95%||-33.42%||$20 738 133 252|
|10||DOGE||Dogecoin predictions||70.4%||64||$0.139470||-1.37%||-9.41%||$18 503 534 354|
|11||DOT||Polkadot predictions||66%||68||$17.73||-0.38%||-21.02%||$17 511 259 626|
|12||AVAX||Avalanche predictions||70.4%||66||$63.16||-1.55%||-17.40%||$15 464 065 622|
|13||BUSD||Binance USD predictions||90.8%||1||$1.000132||0.02%||0.10%||$14 845 895 746|
|14||MATIC||Polygon predictions||64.8%||73||$1.61||2.39%||-15.17%||$12 008 916 581|
|15||SHIB||SHIBA INU predictions||64.4%||68||$0.000021||0.64%||-19.59%||$11 390 172 652|
Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.
© 2015-2022 Crypto-Rating.com
The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.