Litecoin price weekly analysis 26 July: A big jump midweek saw LTC recover most of its early week losses
LTC continues to follow bitcoin's ups and downs with the price jumping sharply before steadying later in the week.
- LTC traded at about $86 before losing ground and then regaining it in bullish activity.
- Trading volumes are in a slow recovery.
- Litecoin's founder has sold his LTC stash.
Litecoin started the seven day trading period commencing 21 July 2018 at $86.90 and finished it at almost the same spot. But, in between those days, the price dropped and then recovered on Tuesday when a huge candle was lit, driving the price up from the low $82 range into the mid $88 range before settling to trade at around $86.
That sharp price rise brought the traders out with 24-hour volumes jumping from under $300 million to in excess of $440 million. Over recent weeks, we've seen trading volumes increase right across the market. Although the early part of the week, as we saw with LTC, was quieter.
As we remarked last week, LTC continues to follow bitcoin as it moves up and down. In the case of LTC, the main support level we're looking at currently is around the $84 mark according to Ethereum World News. That line was broken so it's possible we'll see some more upside movement. But the current pattern with bitcoin is a slight decline, so based on what we've seen over recent weeks, LTC could follow a similar pattern.
If that happens, we can expect $84 to be broken. From there, the next support level is under $80, with the precise level a question no two pieces of analysis agree on.
Coin Telegraph's optimistic view of LTC – following the if it doesn't go down it will go up maxim many analysts fall back to – suggests that an upside move will be stopped by strong resistance at $107. But that's a long way off where we are today and would represent an increase of almost 50%.
Interestingly, a report from BCFocus reported on comments made by Litecoin founder Charlie Lee. Lee has sold his LTC stash, and said bitcoin is like gold and XRP is like diamond. Lee pointed to BTC's ease of transfer and widening acceptance. Of XRP he said "Ripple is somewhat like a diamond because its supply is also artificially controlled".
Disclosure: At the time of writing, the author holds BTC, EOS, ETH, XLM, ETN, LTC, ADA and XRP.
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