Litecoin price weekly analysis: A quiet start to May
Litecoin had a busy April but May has started calmly with prices remaining steady.
- LTC price is slightly up after a dip earlier this week.
- Today started with a nice gain.
- Trading volumes are steady, after being busy last Friday.
Litecoin has followed the pattern of much of the market. Looking back over the last month, there have been some big gains, with LTC moving from around US$134 a month ago to a little over $150 at the time of writing after peaking in the mid $160s during the third week of April.
The last week has been steady with the price starting at around $146 last Thursday peaking at about $155 over the weekend before dipping and rising again within the same range over the course of this week. That's resulted in a gain of about 3.6% over the last week with the last 24 hours delivering a little over 2%.
We're a long way from December's high price of about $366 but, then again, pretty much every coin out there is in the same boat. Analysis from FXStreet suggests that $200 is possible but the market seems to be holding back at the moment, not wanting to get past the $160 barrier.
However, CoinTelegraph says that the narrow trading range we're seeing could lead to a slide back to the $140 level.
One thing that's clear from looking at the current activity on Litecoin is that there's no consensus on where things will go. In the short term, most analysts are suggesting things will be relatively steady, with fluctuations within a band of 10% a reasonable expectation but that there's scope for a jump some time in the future with $180 or even $200 possible.
One of the barriers to increased coin value is its usability in the real world. But that is starting to lift for LTC with the news that the Odyssey Group, a retail banking support company, is planning to install up to 4,000 Litecoin-enabled automated teller machines (ATMs) in Argentina.
Disclosure: At the time of writing, the author holds XLM, BTC, ETH, EOS, TRON and XRP.
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