Litecoin has managed to add 16.5% in the past 24 hours as the coming altcoin news show. This is a new Litecoin 2019 high which comes as no surprise following the halving event which will occur in August this year.
Right now, Litecoin is one of the top performers in the top 10, recording a lot of increases daily and expecting more gains as the analysts predicted. Despite the brutal 2018 which swamped the market with minuses, the Litecoin 2019 high showed that the “crypto winter” is over and that this altcoin is rallying which is a blessing for many traders and investors that managed to withstand the terrible losses over the past couple of months.
Behind the Litecoin 2019 high, there is a number of technical and fundamental factors which say a lot about this altcoin. As the latest cryptocurrency news show, Litecoin’s correlation with Bitcoin is one of the reasons Bitcoin close higher. However, the optimism has a lot to do with the halving event (scheduled for August 19th, 2019) where the supply-demand dynamics will kick in fairly valuing this asset.
The miner rewards will also be slashed from 25 LTC to 12.5 LTC, which is another positive indicator in the altcoin news which may spike the price of Litecoin – even to a new Litecoin 2019 high in the coming days and/or weeks.
At the time of press, LTC is up by 16.5% and 23% in the last day and week, which is very impressive. At the moment, the foundation of the next wave of higher highs could see LTC spike as buyers flow ahead of halving. The daily charts show that the Litecoin 2019 high is not only trading with a bullish breakout after clearing $110 – but after bouncing off the 78.6% Fibonacci retracement level, it is at new 2019 highs.
This has led the Litecoin prices to go above the Q2 2018 losses, showing a mark of demand. So, even though the breakout bar was at the back of low trading volumes and Litecoin has minimally corrected, the LTC high shows massive buying opportunity with a first price target set at $120 and later $180 as many best cryptocurrency news sites predict.
Since bulls are in charge of LTC now, it is vital that the price of this altcoin closes higher in the upcoming days.
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