Litecoin Price Rises Strongly Where is it Headed?

Litecoin price is standing out in the crypto market, thanks to a gain that exceeds 40% in the last 7 days. There are several key factors behind the rally, which we will be reviewing below. Also, we will see how likely it is for earnings to increase in the near future.

At the time of this writing, LTC is trading at $286.8, accumulating a gain of 9.43% in the last 24 hours. Its market capitalization is now $19,474 million, thus ranking 13th in the Crypto Online ranking.

The main attractions of this chain are undoubtedly its speed and affordability, which is generating a constant increase in transactions, reaching today the figure of 148,929 daily transactions. According Bitinfocharts, the average transaction fee on the Litecoin network is only $0.044.

Daily transactions on the Litecoin network. Source: Bitinfocharts.
Daily transactions on the Litecoin network. Fountain: Bitinfocharts.

How fast and cheap it is to operate on this network makes it extremely attractive for making daily payments. The team behind the project knows this, and for this reason they have kept searching for partnerships with various payment processors.

Verifone’s partnership with Bitpay was recently announced. Verifone has more than 600,000 merchants with its points of sale, and Bitpay is one of the largest processors handling retail payments involving BTC, ETH and LTC.

Litecoin Price Technical Analysis

On the weekly LTC vs USDT chart we can see the great performance of the last few days, managing to break through the most relevant immediate resistance ($232.20).

It is now clear that the bulls have regained control in the short/medium term, and could well go soon to challenge the next resistance at $387.80.

It is likely that before reaching that price, some corrections will occur along the way. But for now the best idea is to try to ride the trend.

Litecoin could mark a new all-time high in the near future

When we zoom out and go to the monthly chart, we see that the price of Litecoin could still go much higher in the coming weeks/months.

LTC is currently building long-term momentum, which may not be halfway there yet.

After a big pullback that took the price to a low of $22.3 in December 2018, Litecoin slowly recovered and started making higher and higher lows and highs.

It is now getting closer to challenging the resistance zone left by the previous all-time high, and will most likely break through it.

Litecoin price monthly chart technical analysis. Source: TradingView.
Litecoin price monthly chart technical analysis. Fountain: TradingView.

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Litecoin Price Rises Strongly Where is it Headed?

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