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Litecoin crossed $130 after a year amidst the countdown for the halving, what’s next?

June 12, 2019 | Cryptocurrency

 

Since last week most of the crypto market is more-or-less in the waiting mode, as bitcoin after touching the mark of $8800 is hovering around $8000. But, litecoin (LTC) seems ineffective to this price consolidation mode of the market, as it touched $140 mark, the highest since May 2018 after rising nearly 10% in the last 24 hours.

(Image source - TradingView)

The market cap of LTC reached $8.6 billion suppressing both Bitcoin Cash and EOS. The daily volume of the coin is also up from $4.3 billion a week ago to the current $5.8 billion. As the halving date for LTC is just 54 days away, many traders believe the recent price gain is halving FOMO, but many others also believe that LTC has the potential to go much higher from this position.

The major resistance zone for LTC now is expected to be around $150 both technically as well as psychologically, as most short term traders are expected to take the profit out of their holdings as $150 mark is hit.

As one trader, Josh Rager pointed out that $125 is now flipped as the support level but it won’t be surprising to see LTC making its way up to $150 “which will be strong resistance on the weekly and psychological take profit area.”

It’s worth noting here that, LTC has outperformed many top cryptocurrencies with nearly a 350% surge since the start of this year and moving closer ~60% of its all-time high.

 

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