Litecoin, which is under a constant threat of getting caught in a downtrend, continues to show signs of life. The currency has shown positive growth in the past 24 hours – but the threat of a downtrend still looms. The currency is among the biggest and the most popular names in the cryptocurrency markets, ranked in at #5 by market cap at the time of this writing.
Litecoin has been a name which has been in the list of top-10 cryptocurrencies since a really long time and has always performed beyond expectations. The past few months however, have not been so good for Litecoin as the currency has been caught in a strong downtrend which was feared to take the prices down to $90 – $65 levels. The recent uptrend seems to have temporarily changed the course of this movement. Let us take a closer look:
Over the past 24 hours, Litecoin price has risen from $126.89 to $129.57. The highest point of the day came at $130 which was a momentary spike. Litecoin continues to hang on to the $120s – falling below which will again suck them back into the downtrend. Litecoin’s market cap went up from $7.11 Billion to $7.25 Billion over the past 24 hours.
Litecoin’s week-long performance was even better as the currency went up from $112.52 to $129.57 with the highest point of the week coming at $132. Litecoin’s market cap, during this period, shot up from $6.3 Billion to $7.2 Billion – growing by almost a billion dollars!
Litecoin’s price is expected to continue surging and eventually surpass the $150 mark. However, if a downtrend emerges before that, we might as well see it fall back to the $100s again. Litecoin’s future hangs in the balance and only a stable base at the $150 mark can save the currency for now. Investments would be risky at the moment and investors are advised to tread cautiously.
The otherwise stable Litecoin has been one of the most volatile cryptocurrencies of the first quarter of 2018. The currency started the year on a strong note during the first week of January 2018. From there on however, it got stuck in a strong downward channel which lasted till mid-february. In February, Litecoin prices gained momentum again, thanks to the upcoming LitePay and Litecoin Cash – but the prices crashed again when both of these failed to meet expectations.
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