The new situation on the crypto markets following the correction marks some levels of instability, as the coming altcoin news show. One analyst is now in the focus for claiming that there is a possibility for Litecoin to double and trade to new highs in the near term.
The analyst believes that the Litecoin price may soon double before it incurs significant selling pressure which may send it reeling lower – and the cryptocurrency’s upcoming “halvening” event may be the source of this massive volatility.
Currently as we are writing, the altcoin news show that Litecoin is trading down by roughly 1% at a current price of $116 which is down slightly from its daily highs of $120. Right now, $120 remains a key resistance for the altcoin.
Many analysts in fact expect Litecoin to double. However, the cryptocurrency tried that and failed on multiple occasions over the past couple of days, trying to break above the price level which is currently its year-to-date high.
Even though it remains unclear as to whether or not the Litecoin crypto will be able to surge past the $120 price level with ease – or it will drop lower first – there is a high probability for Litecoin to double and incur volatility in the near future due to the “halvening” event.
According to Luke Martin who is a popular cryptocurrency analyst on Twitter, LTC could trade significantly higher in the next couple of months as this event nears.
“I was sleeping on the $LTC halvening being only 60 days away now. Price is up 5% today breaking out of consolidation. I think it could go higher than the most recent .0182 swing high,” he explained.
I was sleeping on the $LTC halvening being only 60 days away now.
Price is up 5% today breaking out of consolidation. I think it could go higher than the most recent .0182 swing high.
— Luke Martin (@VentureCoinist) June 6, 2019
The halvening is also expected to send LTC’s price skyrocketing higher. As Martin sees it, LTC’s Bitcoin trading pair could climb as high as 0.0182 which us up from its current price of 0.0146 and other analysts believe that it could surge much higher.
Another altcoin analyst was in the latest cryptocurrency news. Named Financial Survivalism, the analyst explained that LTC is posed for a surge up to new highs, stating:
“$LTCBTC peaked days after $LTC halved in 2015. It proceed to selloff leading up to and following the $BTC halving. I think we will see similar price action in 19-20. If so then #LTCBTC would return to the top of the channel over the next couple months before retesting ~0.011.”
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