One of the fastest growing cryptocurrencies during April’s uprising was Litecoin (LTC). The fifth digital coin in the world (in terms of capitalization) has appointed changes in its mining process. Will it influence the currency?
Previously, we analyzed the price of TRON (TRX). So now is the time to look closer at even better-performing cryptocurrency.
Great beginning of the year…
The end of the last trade week led Litecoin, which is the fifth cryptocurrency when it comes to the market capitalization, to the peaks from June 2018. However, this level turned to be strong resistance, as increases were stopped and the rate went down to the support area at around 85 USD.
LTCUSD had an impressive increase at the beginning of April when the value went up from about 60 USD to 100 USD. Currently, the rate leveled out determining the upward trend line. Nevertheless, after such a big boom, we can also expect the activation of investors aiming for making profits.
…but what will happen in the summer?
Analyzing the further situation of Litecoin we should take a look at the fact that on August 6 this year the prize for LTC mining will be decreased to 12,5 LTC from the current 25 LTC. Such news should be reflected in the closest market condition.
Currently, the LTCUSD rate has taken an expectant attitude, reaching the lower limits of the appointed trend line. If this line is maintained, we could soon see the return to the further testing of the resistance at 100 USD. Forcing it opens a way to the new maximums in 2019, such as 110 USD, and in the longer term, 130 USD.
It is also possible that LTCUSD will go down beneath the trend line, namely between the created channel of 75-66 USD value, which was determined by the resistance and support from June 2018 to May 2019. If the supply force turned out to be dominant and broke through the bottom barrier of the channel at 66 USD, the rate would go down to 60 USD, the level of support from which the April increase was derived.
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