Litecoin price weekly analysis 19 July: Optimism abounds as bitcoin’s little brother follows along
Litecoin has recorded solid gains over the week although there's resistance to further rises and the question of the "bitcoin factor".
- Litecoin crossed the $90 level before pulling back slightly.
- A $100 value for LTC is possible.
- It seems the price of bitcoin is still a massive influence over Litecoin.
Litecoin had a solid week, following most of the market, trading in a narrow band before breaking out with a couple of jumps on Monday and Wednesday. Having commenced trading a week ago at about $77.50, the $100 value was in sight as the price breached $91.00.
That was on the back of increased activity as trading volumes picked up, almost doubling from just under $200 million over 24 hours to over $385 million. And while traders remained active, the price started to fall again, slipping into the mid $80 range.
That's still a solid gain over the week. And while the price increase will be welcomed by traders, it's the increased activity by traders who had been backing off over the last couple of weeks which will have market observers thinking the market is exiting the recent slump.
Positive market signals suggest this fall back is temporary and that the price of LTC will resume its upward movement. At least that's how FXStreet is reading the market tea-leaves.
They say the current market trend-line and the 50-day simple moving average both point to "bullish signals". The key barrier seems to be around the $88.00 mark with a significant break above this level not evident.
Ethereum World News is a little more optimistic suggesting the resistance is at $91.00 and that the LTC uptrend is pointing to $100.
Stock Gazette says that the price movement of Litecoin is shadowing bitcoin and that if bitcoin can break through $8,000 that $100 will be on the cards for LTC. That's still some way off but remains a possibility while the market is in a buoyant mood.
Disclosure: At the time of writing, the author holds BTC, EOS, ETH, XLM, ETN, LTC, ADA and XRP.
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