It has proven to be an interesting weekend where Litecoin is concerned. Although this altcoin has always been rather popular, its price usually remains on the low side of the spectrum. For some unknown reason, there is heavily inflated LTC trading volume, which may very well push the Litecoin price to $50 over the hours to come.

Litecoin Price Turns Bullish Again

This weekend seems to be a good time to buy, sell, and trade Litecoin. Under the average market circumstances, that is not necessarily the case. Litecoin is, like all other currencies, volatile, but it never goes through significant bull trends for more than a few hours on end. This time seems different, as the second major price spike in three days has been recorded.

Over the past 24 hours, there has been another 7% Litecoin price increase. This gain is notable across both the USD and BTC value, which further confirms the interest in this altcoin is genuine. Litecoin has also overtaken EOS in market cap, a development which relegates Bitcoin Cash to outside the top 5 again. Very peculiar movements all around, although not too many people can make sense of it.

Social media, while never any accurate source for cryptocurrency trading advice, shows some interesting LTC-themed debates right now. Litecoin Master claims -and this needs to be taken with a grain of salt – there is massive support for Litecoin at $50. A bit odd, considering this value is currently not reached. While one could argue that level will fall later today, there will be plenty of profit taking along the way.

Massive support at $50 for litecoin

Any litecoin under 50 is a steal#ltc #litecoin #bitcoin #btc #litecoinfam

— Litecoin Master (@xtdisnkfe) February 10, 2019

Tortsch-Man shows Litecoin is poised to move up even further. Although a jump from $34 to $46 in just a few days is already pretty impressive, there is room for further gains. At the same time, this is not the time to get greedy and chase the top, as $50 will undoubtedly act as tough resistance for some time to come.

#LTC want’s to test the 200 EMA on the daily? pic.twitter.com/9tRwMbPam9

— Tortsch-Man LTC|BTC (@tortsch) February 10, 2019

Last but not least, it would appear there is plenty of sell pressure shaping up in the past few hours. Coinbase.Pro had over $1m worth of Litecoin for sale just a few minutes ago. That in itself is quite telling, although the current momentum shouldn’t necessarily turn that into much of a roadblock. One never knows what will happen to cryptocurrencies after such a strong gain, though.

#COINBASE PRO: #LTC Selling Activity Worth 1M+ USD #cryptocurrency #cryptotrading visit us at https://t.co/LIVO4vt168

— CryptoMeter.io (@CryptoMeterIO) February 10, 2019

All things considered, Litecoin is firing on all cylinders right now. Sustaining this momentum has proven difficult, although the previous push did not see most of its gains wiped out in the process. There is still a chance the $50 level will be surpassed, but no one should expect any Litecoin miracles at this time.


Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.

Image(s): Shutterstock.com

You may be interested

ETHDenver
shares8 views

ConsenSys-Backed Rhombus Reveals New Products for Ethereum Developers

Brian Evans - Feb 17, 2019

Connecting blockchain with real-world data, Consensys-backed ethereum startup Rhombus announces exclusive new tools for developers at hackathon ETHDenver.

Crypto
shares9 views

The $232 Million ICO Debacle Continues as Tezos Community Opposes Class Action Lawsuit

Brian Evans - Feb 17, 2019

Tim Draper-endorsed blockchain Tezos is the subject of a consolidated class action lawsuit brought by unsavory individuals. A group of Tezos community members believes the lawsuit is…

Crypto
shares10 views

GAS Price Gains 40% yet no one can Explain why

Brian Evans - Feb 17, 2019

Weekends often result in unusual phenomena where cryptocurrency trading is concerned. Several markets have risen by over 30% in value today, even though there is zero reason…

Most from this category

%d bloggers like this: