Caution: Litecoin’s correction phase drops its price by 18%; more correction expected

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Litecoin’s price has soared by a massive 350% since December 2018. However, the silver coin’s price is facing a strong correction wave and it is likely the prices will drop even lower.

Source: CoinMarketCap

Litecoin prices hit an imaginary high on 3 April, 2019, as there was a big red candle that had an even bigger wick on it. There is strong resistance for Litecoin between $95 to $105, and the price tested this ceiling for the second time, before dropping again. The price of Litecoin fell by 18% after 10 April. This correction came as a breakout of the pattern that the prices fulfilled. Litecoin was in a symmetrical triangle pattern since 3 April and broke out of it on 10 April.

Source: TradingView

Litecoin’s unexpected surge on 2 April, faced a correction soon after soaring briefly. LTC’s price was $77.63 at press time, and was testing the support range that extended from $75 to $72. The market cap of Litecoin was $4.8 billion and the coin was ranked fifth on CoinMarketCap, just below EOS. Litecoin’s terrific start to 2019 might thus be coming to an end following the recent correction.

The 24-hour trading volume for Litecoin was $3.35 billion and the top contributor to this was Coineal exchange via the trading pair LTC/BTC. It contributed a whopping $300 million to the cumulative trade volume.

The approaching Litecoin halving has been a boon for the coin as its price has shot up by a massive 350%, since December. The halving, which is set to happen on 6 August, 2019, will halve the block reward from 25 LTC to 12.5 LTC.

Opinion

Source: TradingView

Litecoin’s price is at a crossroad now. If the price decides to bounce off the support range as shown in the chart, it would be a positive outcome. However, if this range breaks in the upcoming days, the price will head to $60. Further, the RSI indicator in the daily chart showed that it hadn’t quite reached the oversold zone yet and had time to dip into the oversold zone, if the support didn’t hold.


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Akash is your usual Mechie with an unusual interest in cryptos and day trading, ergo, a full-time journalist at AMBCrypto. Holds XRP due to peer pressure but otherwise found day trading with what little capital that he owns.

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