The next Litecoin (LTC) halving is just a step away, and the crypto market seem to have returned on the rising wedge for another ceiling, making Bitcoin cross the $8,000 mark to above $8,100. Market experts have even proclaimed that Litecoin is behind the present stir up in the market.
During the last year market fall, Litecoin plummeted massively far beyond a number of its contemporaries, making the altcoin lose positions on the table. The year 2019, however, displayed a contrary trend marking a harvest period for investors’ Litecoin.
After a comprehensive analysis of the growth 7 crypto assets in the market this year, Litecoin recorded the third highest added value from January 1, 2019 till date. Litecoin has added 334.38% this year.
Made some calculations on selected cryptocurrencies to see who's been the biggest gainers so far in 2019 (from January 1st until today). These came out on top:$BNB: 440.32%$FTM: 370.59%$LTC: 334.38%$LINK: 273.33%$BAT: 148.12%$ADA: 116.28%$BTC: 108.39%
— CryptosBatman ⚡ (@CryptosBatman) June 12, 2019
Litecoin (LTC) Breaking Huge Weekly S&R Zone, Could Hit $2,000 Next Year
Owing to the excellent performance of the Litecoin in the market, chartists in recent time, never seize from dropping a number of bullish predictions for the asset, hoping that the imminent halving will make the bullish run continue for the altcoin.
Chartist Edgy, on TradingView, proclaimed that Litecoin is currently making effort to break the weekly S&R zone, by moving from the $100 psychological resistance to $130. Now it has surpassed the $130 level to be priced $137 as at press time.
The significance of the S&R Zone can be traced backed to the hold up in April 2018 with a Morning Star reversal pattern and a Spinning Top in 2018.
As Litecoin continues to trend up, the analyst said we have again stopped at the same zone with a Spinning Top and Doji, an important signal for a breakout.
The 4H chart made by the analyst disclosed a nice shaped up inverse Head & Shoulders for Litecoin. The chartist made known that we had a lower Low preceded by a another lower Low and lower High but the bearish side soon ended, and a higher Low was formed and then back to the previous lower High again.
“The pattern gets confirmed with the break of that ‘Neckline’, the analyst stated.
While the bulls are really overbought on the weekly, LTC has to find a strong support around $120.
Litecoin (LTC) Potential in the Medium and Long-Term
Crypto assets prices are known for reacting to halving activities, and during the last halving, LTC spike by 10,000%.
Even though such rise would not be expected, Edgy predicted that we could see about 1,500% value scale up, moving Litecoin to around $2,000 with a succeeding price correction around $400.
Aside halving, the fact that founder Charlie Lee is supporting Andrew Yang, a US presidential aspirant who is a crypto lover, is another big advantage for LTC in the market.