It has proven to be an interesting weekend where Litecoin is concerned. Although this altcoin has always been rather popular, its price usually remains on the low side of the spectrum. For some unknown reason, there is heavily inflated LTC trading volume, which may very well push the Litecoin price to $50 over the hours to come.
Litecoin Price Turns Bullish Again
This weekend seems to be a good time to buy, sell, and trade Litecoin. Under the average market circumstances, that is not necessarily the case. Litecoin is, like all other currencies, volatile, but it never goes through significant bull trends for more than a few hours on end. This time seems different, as the second major price spike in three days has been recorded.
Over the past 24 hours, there has been another 7% Litecoin price increase. This gain is notable across both the USD and BTC value, which further confirms the interest in this altcoin is genuine. Litecoin has also overtaken EOS in market cap, a development which relegates Bitcoin Cash to outside the top 5 again. Very peculiar movements all around, although not too many people can make sense of it.
Social media, while never any accurate source for cryptocurrency trading advice, shows some interesting LTC-themed debates right now. Litecoin Master claims -and this needs to be taken with a grain of salt – there is massive support for Litecoin at $50. A bit odd, considering this value is currently not reached. While one could argue that level will fall later today, there will be plenty of profit taking along the way.
Massive support at $50 for litecoin
— Litecoin Master (@xtdisnkfe) February 10, 2019
Tortsch-Man shows Litecoin is poised to move up even further. Although a jump from $34 to $46 in just a few days is already pretty impressive, there is room for further gains. At the same time, this is not the time to get greedy and chase the top, as $50 will undoubtedly act as tough resistance for some time to come.
— Tortsch-Man LTC|BTC (@tortsch) February 10, 2019
Last but not least, it would appear there is plenty of sell pressure shaping up in the past few hours. Coinbase.Pro had over $1m worth of Litecoin for sale just a few minutes ago. That in itself is quite telling, although the current momentum shouldn’t necessarily turn that into much of a roadblock. One never knows what will happen to cryptocurrencies after such a strong gain, though.
— CryptoMeter.io (@CryptoMeterIO) February 10, 2019
All things considered, Litecoin is firing on all cylinders right now. Sustaining this momentum has proven difficult, although the previous push did not see most of its gains wiped out in the process. There is still a chance the $50 level will be surpassed, but no one should expect any Litecoin miracles at this time.
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.