Litecoin On Track To Hit $35, Will This Recent Rally Stick? Thursday, November 29th
Litecoin On Track To Hit $35, Will This Recent Rally Stick?
The cryptocurrency market is back on track to end the year on a high. After two devastating weeks which saw most coins hit new year lows, the market is finally rallying again. Bitcoin, the cryptocurrency leader, has in the last 24 hours soared to highs of $4,200. This was hugely impressive given that just four days ago, it was going for $3,600.
Bitcoin’s younger brother Litecoin has also in the last couple of hours being rallying. At the time of press, the coin is edging closer to hitting $35 and is just shy of $0.80. Following yesterdays dramatic rally, Litecoin surged by 16% and took the $35 position but was unable to break it. The bulls will be retesting this position again and possibly this time it will stick.
LTC/USD Price Chart, Thursday November 29th:
The surge comes after Arianna Simpson, a venture capitalist at Autonomous Partner, noted that she doesn’t believe there is any reason for Litecoin to exist. According to the prominent venture capitalist, she is not particularly bullish about the coin and believes the project is an expensive test net. She also added that Litecoin’s balance of Treasury is a “joke”.
Although in recent months the coin has fallen by over 90% since its all-time high in January and for Simpson the future of Litecoin is bearish, the last 2 day’s performance tells a different story. The coin’s recent rally shows that there still are many believers who continue to aggressively push for Litecoin adoption.
With today’s extended gains, Litecoin looks poised to hit $35 and this time stick above it.
At the start of the month, Litecoin was trading well above $50, a position the bulls will be looking to get above again. Luckily, it seems they will be ending the month on track to getting back to these highs. In the short term, it all seems positive for Litecoin.
Legal Disclaimer: Please remember that trading, buying or any other type of investing in cryptocurrencies should be consider risky and may lead to the loss of all of the invested money. For further information visit Terms and Conditions section on TokenTops. We do not encourage our readers to any kind of financial decisions. Neither tokentops.com nor its parent companies accept responsibility for any loss, damage, or inconvenience caused as a result of reliance on information published on, or linked to, from tokentops.com. We believe that everyone should make their own and in depth research on the particular topic in various sources before making any financial decision and this person should be the only one responsible for the outcome. Our writers do their best to remain unbiased and don't actively support any project. The research is done with various sources, the predictions are based on own believes, analytical skills, experts and community discussions and is intended to convey general information only.
You may also like
Bitcoin Cash BCH Down By 5%, Market Still Struggling To Rally
NEO Leads Bullish Charge, Is The Reversal Underway?
Litecoin LTC Headed For A $20 Position, Can The Bulls Salvage The Coin From Its Wreckage?
IOTA (MIOTA) Price Analysis And Prediction-Tough End Of The Year For The Coin
Stellar XLM Soars Following Coinbase Affirmation Over Interest On XLM Listing
Monero Price: XMR Leads Bullish Rally As The Market Lights Up In Green
You need to login to create comments.