Will Litecoin Get Back Its Winning Spark in the Ongoing Bearish Momentum?
Litecoin price began the year on a slow note, but soon, the price gained upward steam and showed good promise of a formidable return on its investments when the currency went on a bullish trend till June. However, the bearish out turn in the crypto market since July dashed those hopes for the coming months.
Litecoin Price Analysis:
LTC price has had to reverse its good fortune gained till July due to the ongoing bearish volatility in the crypto market. The price started the year below the baseline at $31.0079 on February 02. It soon started a sluggish upward rally and reached a high of $90.9454 on April 04, showing an upward momentum of a massive 194.29%. On April 30, however, Litecoin price had a short hiccup when it fell to the extent of 26.70% at $64.7409. This did not deter the price of LTC coin from moving upwards and it reached a good upward swing of 110.34% on June 22 at $136.7438. The onset of bears in the crypto market turned the price movement in the downward range and the price of LTC started spiraling downwards to the tune of 52.82% on August 30 at $61.7451.
Litecoin continued its fight against the bears and recovered by a 25.89% hike on September 19 at $76.8063. But the bears are in a stronger position now and the price of LTC has again gone down to $38.6922 on December 17, taking the price near to the range where the coin stood at the beginning of the year. The current day’s price of Litecoin is at $41.8903 showing a slight recovery at 8.27%.
Litecoin seems to trade with a moderate momentum as of now as the price is continually trading in the lower range. However, analysts point out that LTC can record great gains once the crypto market shows some stable momentum. Day traders can continue to trade as the price variations could give some decent gains for them.