The future of Litecoin price movement continues to hang in the balance despite the recent surge in cryptocurrency prices. Litecoin has been going through a number of ups and downs – and it looks like even this strong uptrend may not last for long for Litecoin. Let us take a closer look at what the market experts have to say for Litecoin price movement – as well as take a look at the currency’s price performance over the past few days and the week.
Over the past few weeks It almost appeared as if the currency would continue falling and maybe even reach a low of $65 over the next month – until this bullish uptrend came along, helping the price recover. Litecoin prices may not have been the biggest benefactors of the uptrend, but it was indeed a saving grace.
A look at Litecoin price performance over the past 24 hours shows that the currency has lost some momentum and has lost about 1% of its price. Litecoin started off the day at a price of $128 and closed the day at $126.82. This might appear as a small fall – but this is a foretelling of sorts because this comes at a time when most other currencies are booming. Litecoin’s market cap too felt the impact, starting the day at a price of $7.17 Billion and closing the day at a price of $7.11 Billion – losing out $60 Million over the day.
However things don’t look so bad when you look at the weeklong performance of Litecoin. The currency started off the week at $115 – from where it ended the week at $126.82 – reaching a high of $132 over the seven-day period. Litecoin’s market cap began the week at a total of $6.4 Billion and closed the week at $7.11 Billion – gaining $700 Million over the week.
If market experts are to be believed, Litecoin is still sitting on the fence. While the recent growth is indeed a positive indicator – but the currency is still at a risk because even a slight downtrend can set things into a reverse motion and the price can fall back to where it was before the uptrend began – resulting in a $102-$98 target on the lower end. Investors are advised to tread cautiously as Litecoin is a dangerous territory for now.
Litecoin’s price has been very unpredictable and volatile compared to many other currencies over the past few months. Litecoin surged in November and December – peaking at that time during the cryptocurrency boom phase. However, Litecoin, for the past three consecutive months has been on a strong downtrend. There was short period of time in February when Litecoin price suddenly grew by 30% as LitePay and Litecoin Cash intrigued the markets – but that short-lived trend came crashing down and took Litecoin prices back to the bottom.
For more Litecoin price related updates and news stay tuned to Cryptocrimson or you can also bookmark our page. We’ll also keep adding updates to this article for real-time analysis.
You can also take a look at some of our other cryptocurrency price analysis articles here:
- Bitcoin Price Update as on 16 April 2018
- Ethereum Price Update as on 16 April 2018
- Ripple Price Update as on 16 April 2018
- Cardano Price Update as on 16 April 2018
Disclaimer: Neither the management nor the authors at CryptoCrimson are responsible for any losses, financial or otherwise, which may occur due to investing based on our articles. These are market predictions – which are not set in stone. The information provided is only for educational purposes and cannot be considered a financial advice.