As the cryptocurrency market momentum has caught its breath once again, all markets seem to be moving up rather nicely. Modest gains are seemingly not on the agenda for some projects today, which is not necessarily a bad thing. The Litecoin price, for example, is popping off after breaking through the $50 resistance level without any noteworthy problems.
Bullish Litecoin Price Momentum Intensifies
The year 2019 has been very kind to a handful of cryptocurrencies, tokens, and assets so far. While that doesn’t necessarily apply to the markets most people would expect, Litecoin holders will be quite happy with the way things have gone recently. Today is another example of why this project is worth keeping an eye on, as LTC has noted some incredibly solid gains in quick succession.
Over the past 24 hours, it has been very interesting to keep an eye on the Litecoin price. Following a 13.8% gain in USD value, one LTC is now priced at $52.86. There is also a near 10% gain over Bitcoin, which pushes the ratio to 0.01357 BTC. Very solid developments where Litecoin is concerned, as this market puts some of its competitors to shame.
There is a very interesting development taking place on social media. LTC Whale Watcher has noted how one of the biggest Litecoin whales has continued to accumulate as the price moved up. Another 32,733 LTC has made its way to this particular wallet address. It is unclear if this user keeps funds on an exchange, a hardware wallet, or otherwise. Even so, it seems some investors genuinely keep the faith in LTC.
The 2nd largest $LTC wallet just received 32,733.6698143 #litecoin
— LTC Whale Watcher (@LTCWhaleWatcher) March 5, 2019
In terms of future price predictions, the sky’s the proverbial limit where Litecoin is concerned. Liveitup2050b wouldn’t mind seeing one LTC valued at $200 in December of 2019. While that is not necessarily unlikely whatsoever, it would appear that projection is rather optimistic. One good day of trading in March doesn’t equal a nine-month bull run by default.
I think #litecoin #ltc looks a really good buy at currently $52.22. I could see #ltc at $200+ by December. We shall see!
— liveitup2050b (@liveitup2050b) March 5, 2019
When looking at the actual LTC price chart, it seems there is not that much resistance to contend with, for the time being. That is quite intriguing for many different reasons. If people are not putting up sell orders, they are either waiting for a higher price or plan to dump into open buy orders pretty soon. Either outcome will be rather interesting to keep an eye on.
$ltc barely pulled back. Hit minimal consolidation entry target. Go run with the bulls now #ltc #litecoin pic.twitter.com/iCnKcFvHnR
— ( ु⁎ᴗ_ᴗ⁎)ु.｡oO (@fractalPSYience) March 5, 2019
With nearly 14% worth of gains already in the books, it seems to be a matter of time until Litecoin this a proverbial glass ceiling. Every uptrend needs to be met with some sort of pullback fairly quickly if it is destined to resume the uptrend over time. The bullish amount of LTC trading volume, however, seems to indicate a pullback might not happen just yet.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.
Image(s): Shutterstock.com
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