Litecoin price weekly analysis: A quiet start to May

Posted: 3 May 2018 10:31 am
News

Litecoin had a busy April but May has started calmly with prices remaining steady.

Key takeaways

  • 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%.

Image: CoinMarketCap

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.

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

Latest cryptocurrency news

Picture: Shutterstock

Latest crypto guides

Ask an Expert

You are about to post a question on finder.com.au:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use, Disclaimer & Privacy Policy and Privacy & Cookies Policy.
Go to site