Litecoin price weekly analysis: Up overall despite a tough weekend
Litecoin is making a slow recovery after being hammered last weekend.
- Litecoin's price is up 3.5% overall after taking a hit on the weekend.
- Price is remaining reasonably steady now although there is some fluctuation in short-term price.
- Trading volumes are steady after a busy period over the weekend.
Litecoin has come out of last weekend's price drop quite well and did not lose as much as some other coins during that market movement.
A week ago, LTC was trading at around US$151, crossing the US$181 barrier for a short time before dipping as low as US$152 a couple of days ago. The last two days have seen the price slowly recover to around US$157, where it is trading at the time of writing.
Over the week, market capitalisation has moved from almost US$8.6 billion to a little under US$8.9 billion. The 24-hour trading volumes moved between US$350 billion and US$700 billion, with the peaks occurring during the frenzied sell off over the weekend when the price took a beating.
Ethereum World News doesn't paint a bright future for Litecoin, suggesting that if the price dips below US$150 that further falls will be likely as market confidence drops. Cointelegraph concurs with that and recommends against traders taking up any new long positions.
Litecoin has been on the same path as many coins over the last two or three weeks. We’ve seen a steady increase in prices that was followed by a significant fall over last weekend. But since then, there has been a consolidation and we are now seeing signs of a slow recovery.
But, if you're only looking at daily or hourly numbers, there are lots of ups and downs. Over the course of a week, the price is up overall by around 3.5%. If we were talking about almost any other investment, we'd be pleased with that return. But with cryptocurrency, there is still great uncertainty over the long term so there's a major focus on shorter term trends.
If we discount the big fall almost every coin suffered in January 2018, Litecoin has traded within a reasonably narrow band. There was some price strength in February, but this week's activity has been well within what has been "normal" for the last few months.
Disclosure: At the time of writing, the author holds BTC, EOS, ETH, XLM, ETN, LTC, ADA and XRP.