Litecoin Eyes Potential Move Above $48: Price Analysis

Litecoin eyes a serious potential towards the $48 price level after spending two weeks consolidating as we reported previously in the Litecoin news.

What is Litecoin doing now to find stable support is gliding through the volatility that most of the stablecoins got hit by. After falling to as low as $25 back at the beginning of March, Litecoin bounced back dramatically and is now consolidating below the $40 resistance level. A further breakout above $40 could mean that an upcoming 20 percent rally to the upside can happen with $48 becoming the main target to the upside. The market is seemingly in a downtrend and there could be another sell-off and it can take Litecoin back to test the $27 level of support.

Litecoin is one of the best-known cryptocurrencies that was created back in 2013 when it was worth less than $3. Just like any other cryptocurrency, Litecoin endured multiple turbulences with a series of bull and bear markets that take it to whole new highs and lows. The most important moment for Litecoin was back in 2017 when it rallied from about $4 to more than $415, marking a huge 10,000% return within the year. Since then Litecoin struggled to sustain a comparable amount of momentum and it fell short in the pursuit for a new all-time high in 2019 as it failed to break above the $150 level.

A few analysts suggest that Litecoin could surprise many of the traders over the next year as it is reacting intuitively to Bitcoin’s halving event which was bullish for most cryptocurrencies. As the block rewards are getting halved, the miners have to ensure that overheads are met and this can be done once the prices double from what it was pre-halving. Currently, Litecoin eyes a new level despite the harsh market conditions.

Recently, the YouTube show Magical Crypto Friends features Litecoin’s founder Charlie Lee and he discussed the Litecoin summit that happened in 2019. The show covered most of the important questions in the community from Litecoin acting as a store of value to new updates. Lee also noted that he was working on a privacy improvement for the project while the development team is working with the Mimblewimble protocol and Grim, to add the privacy protocol as an extension block:

 “We’re working with the Grim++ developers to add an implementation of Mimblewimble. It adds an extension block to the Litecoin main-chain. You can transact between chains to use enhanced privacy.”