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.
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