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Litecoin Price Surges to Yearly Highs as Crypto Rally Continues

Litecoin Price Surges to Yearly Highs as Crypto Rally Continues

Peter Hanks, Strategist

Litecoin Price Outlook:

Litecoin Price Surges to Yearly Highs as Crypto Rally Continues

Cryptocurrencies look to continue their formidable run in 2019 with Litecoin the latest to pick up the torch – and the headlines. As one of the best performing digital assets in the year-to-date, and by a large margin for the largest five, Litecoin pressed to yearly highs on Monday and Tuesday. With LTCUSD near $130, the coin has enjoyed a 300% climb in 2019.

Cryptocurrencies Continue to Shine

Litecoin Price Surges to Yearly Highs as Crypto Rally Continues

Data Source: TradingView

After surging through the 23.6% Fib level around $116, LTCUSD attacked $130 – an area which marks the swing high from June 2018. Evidently, resistance has been staged and a daily close above the level would bolster bullish sentiment. Immediate support now resides at the 23.6% level with $100 offering secondary support. Tertiary support can be found slightly beneath around $84 which offered buoyancy in May.

Litecoin Price Chart (LTCUSD): Daily Time Frame (May 2018 – June 2019)

Litecoin price chart (LTCUSD)

While cryptocurrency acceptance and deteriorating emerging market currencies have likely contributed to Litecoin’s incredible year, LTCUSD has single-coin event risk on the horizon which could be influencing its performance.

On August 8, the reward for mining on Litecoin’s blockchain will be halved from 25 coins per block to 12.5 coins – effectively increasing the time it takes to produce a single coin. “Halvings” have been associated with rallies in the past, but past performance is not indicative of future results – and the history of cryptocurrency trading is especially limited. With that in mind, follow @PeterHanksFX on Twitter for technical and fundamental updates on LTC and other cryptos.

--Written by Peter Hanks, Junior Analyst for DailyFX.com

Contact and follow Peter on Twitter @PeterHanksFX

Read more: USO & BIL ETF Demand Driven by Oil Recovery, Rate Cut Odds

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