Litecoin Struggling To Break Past $53, Is $100 Still Possible Before End Of Year?
For the last couple of days, Litecoin has been stuck on the $52 and $53 position. After making a recovery on October 15 and hitting highs of $57.46, prices have not come close to this ever since. Following the surge, prices dropped to around $55 before settling on $54 where the coin traded at till October 17. Ever since the dip to $53 just a day after, the coin has been unable to break past this position and has largely traded around $52.
LTC/USD Price Chart, Wednesday October 24th:
Is $100 Possible Before End Of Year?
At the time of press, Litecoin is trading at $52.38, in the last 24 hours the coin has seen a slight drop of 0.03%. This signifies sideways action, where neither demand nor supply is higher than the other. For this to change- for the positive, the project requires a positive trigger that will increase demand and in turn prices.
For us to evaluate if Litecoin could still hit highs of $100, we must look back at the last time the coin was trading around this position. Litecoin dropped below $100 in mid-June, around the same time there was a general market dip. After the dip, the bulls tried to support the price above $90 but failed each time. By September, prices had dropped below $60. Each bullish rally ever since has been a struggle.
The new prices are currently the coins year low and it is likely that it has found support at this level. It is unlikely that prices will drop past $50, and in the case, they do, it will spell doom for the coin.
The bulls will be looking for the next positive momentum to push prices above $60, this remains a crucial resistance level and one that has the potential to push prices to $75.
However, going past $75 will require something special. The bears are still in play and to go past $75 will require a market push from Litecoin’s big brother, Bitcoin- which has proven to move the market as a whole.
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