Litecoin Struggling To Break Past $53, Is $100 Still Possible Before End Of Year? Wednesday, October 24th
Litecoin Struggling To Break Past $53, Is $100 Still Possible Before End Of Year?
For the last couple of days, Litecoin has been stuck on the $52 and $53 position. After making a recovery on October 15 and hitting highs of $57.46, prices have not come close to this ever since. Following the surge, prices dropped to around $55 before settling on $54 where the coin traded at till October 17. Ever since the dip to $53 just a day after, the coin has been unable to break past this position and has largely traded around $52.
LTC/USD Price Chart, Wednesday October 24th:
Is $100 Possible Before End Of Year?
At the time of press, Litecoin is trading at $52.38, in the last 24 hours the coin has seen a slight drop of 0.03%. This signifies sideways action, where neither demand nor supply is higher than the other. For this to change- for the positive, the project requires a positive trigger that will increase demand and in turn prices.
For us to evaluate if Litecoin could still hit highs of $100, we must look back at the last time the coin was trading around this position. Litecoin dropped below $100 in mid-June, around the same time there was a general market dip. After the dip, the bulls tried to support the price above $90 but failed each time. By September, prices had dropped below $60. Each bullish rally ever since has been a struggle.
The new prices are currently the coins year low and it is likely that it has found support at this level. It is unlikely that prices will drop past $50, and in the case, they do, it will spell doom for the coin.
The bulls will be looking for the next positive momentum to push prices above $60, this remains a crucial resistance level and one that has the potential to push prices to $75.
However, going past $75 will require something special. The bears are still in play and to go past $75 will require a market push from Litecoin’s big brother, Bitcoin- which has proven to move the market as a whole.
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
XRP Leads Market Recovery, Surges By 11% And Leaves Ethereum ETH In The Wind
Can EOS Stay Up And Maintain The Fourth Position Ranking?
Dogecoin Drops Below Range, Is It Still Worth Holding In 2019?
Stellar XLM Drops By 10% Recording New Year Low As The Market Wipes Out Over $6 Billion
IOTA’s Slowdown Sees It Slip Behind In Ranking
XRP Market Cap Could Be Overvalued By $6 Billion
You need to login to create comments.