Litecoin Exceeds $50 Mark, Bobbed Up By 2.8% & Continues to Make a Significant Resistance

Nov 04, 2018 at 13:47 // News
Author
Coin Idol
Litecoin Exceeds $50 Mark

Litecoin (LTC) price has seen an increase over the past 24 hours after lagging behind a $50 level for 4 days.

LTC was able to marginally rise up by $2.78% that made it to exchange hands at $51.72, at press time, a reassuring increase that may have made cryptocurrencies traders believing the coin would defy and reject the bearish market until it dropped slightly near to the $50 level again, though this time keeping its new position somewhat above its previous trading price for the past 4 days to stand at $50.10.

The rally seems to be supported by major trading operation on Bithumb, South Korea’s biggest digital currency exchange. The trading platform has processed around $190 million worth of Litecoin trades over the past 48 hours. Prudently, Coinmarketcap has not put BTC's volume in its 24-hour volume total for Litecoin ($335 million), but it considers the exchange’s quoted price, which is bigger than the market average.

LTC's Impressive Run

Indicating the manner at which the token was capable of collecting its 2.78%, LTC may need more 24 hours to get another significant peak. Currently the token appears to be moving up steadily, amid marginal losses.

Considering Litecoin's trading of 3.6 billion, and the rise of investment fund 2018, the token has been anticipated by both crypto traders and experts to gather a total price of $600. Against its latest trading price of $51.72, the coin will require a significant $450 price increase, an improbable possibility regardless of whether the token crosses its $50 perspective.

LTC/USD is approaching resistance level at 58.96 where a big fall might happen forcing price low to the significant support at 54.23. Stochastic (55,5,3) is also approaching resistance level where we might register  a corresponding decline in price. Trading CFDs on margin possesses great risk.

LTC had a very significant trend last year as it vamoosed far away from its last year's January price of $4.05 to a noticeable $43.26 in June last year and went ahead to waver somber storms this year as it shifted by over 50% to remain up at $180 in January until its decline back to $50.0