After news from the Securities and Exchange Commission that Ether is not a security, most digital currencies increased in value. Specifically, their total market capitalization increased from $265 billion to $290 billion on June 15. However, Litecoin’s price remained range-bound despite the news.
Currently, the coin looks weak. Both moving averages are sloping down. Additionally, the rebound that took place on 13th June did not even reach the breakdown levels at $107. As such, buyers may not be keen on owning the digital currency at these levels.
Initially, there was a minor upside move above the $90 level. The coin traded above the $95 and $98 resistance levels while moving into a short-term bullish zone. According to the daily chart, Litecoin’s price even traded above the 50% Fib retracement level of the last decline from the $108 high to the $88 lows. Also, there was a break at the major $100 resistance level.
However, two major hurdles prevented a continued bullish momentum at these zones. These include the vital resistance near $103 and the 76.4% Fib retracement level of the last decline from $108. Hence, the coin’s price remained below the $100 level and is currently trading at $96.
Nonetheless, forecasts place the coin’s price at around $600 by end of year calendar 2018. Litecoin (LTC) seems to be the most preferred digital currency among savvy investors in the cryptocurrency market. In reference, all virtual currencies are distinct from bitcoin, the industry’s leader since 2009, and Litecoin may just be the most secure and one with the most untapped potential.
In addition, Forbes reported that there are at least four reasons to remain optimistic about the coin. First, is Bitcoin’s growths and futures trading, which spiked Litecoin’s prices. Hence, any positive developments on bitcoin trickle down to Litecoin as well.
Do you think litecoin’s price will achieve $600 as predicted?
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