Analysts Expect Litecoin to Incur Further Gains Despite Crypto Market Downturn, Here’s Why

admin

Litecoin (LTC) has been incurring significantly bullish price action over the past several weeks, marking a continuation of the significant gains it has incurred so far this year. The primary factor driving the recent gains, it seems, is its upcoming mining reward halving, which is widely viewed as a bullish event.

Now, analysts believe that Litecoin could incur further upwards momentum in the near-future, which may allow it to continue setting higher highs.

Litecoin Surges to Fresh Year-to-Date Highs

At the time of writing, Litecoin is trading up over 7% at its current price of $136 and is up significantly from its 24-hour lows of below $125.

While looking at the cryptocurrency’s price action over a longer time frame, it quickly becomes apparent as to just how bullish LTC has been compared to the rest of the markets.

In mid-December of 2018, Litecoin plummeted to lows of $23, which coincided closely with the entire market downturn that sent Bitcoin reeling to lows of roughly $3,000. Since then, Litecoin has skyrocketed higher, and is continuing to set fresh year-to-date highs.

Although many analysts grow weary of cryptocurrencies that surge while the rest of the markets are caught in a price lull, LTC may be an exception, due to its upcoming mining reward halving that is currently set to occur in the next couple of months.

Luke Martin, a popular cryptocurrency analyst on Twitter, spoke about Litecoin in a recent tweet, explaining that he believes LTC could surge past 0.0182 BTC in the near future, which is above its current price of 0.0172.

“LTC momentum continues. Still think it can reach the .0182 swing high. Plenty of time to break past that as well imo,” he noted.

Analyst: LTC May Jump To $150 in Near Future

Martin is not alone in his belief that Litecoin may surge higher in the near future, with another popular analyst explaining that he believes the crypto could surge to $150 next.

Harry, a popular analyst who focuses primarily on XRP’s price action, spoke about LTC in a recent tweet, noting that it may continue surging higher as anticipation for the halving event balloons.

“$LTC similar structure to $ETH where I picked sell off’s in the $270 range. I’m putting this one out early, take a good look at the chart and potentially consider some incremental selling in the $140-150 range. Shorts are going to be very active there,” he noted.

It is important to note that LTC is currently moving independently of the aggregated crypto markets, which may mean that Bitcoin will likely have little impact on where it goes next.

Featured image from Shutterstock.

Source