The Litecoin price is in the coming altcoin news for a possible breakout soon, after interacting with its significant resistance levels from the descending triangle in which it is correcting from 4th of May. As soon as the interaction ended, LTC started moving downside and is right now trading at around $89, gaining more than 4% in the past 24 hours in the new bullish wave.
Despite the greens in the Litecoin price, analysts believe that the altcoin will rise to a higher level and may even approach $100 soon. Aside from this optimistic prediction, we still need to account to the fact that a correction is likely in play as the new wave structure implies.
So, a further downside move is definitely expected in the altcoin news – one which would bring the Litecoin price breakout to a new down before it pushes it to a decisive move to the upside. The fast momentum is what ensures that there are greens on the market.
As the LTC analysis shows, there are three wave structures which push the price further to the upside. They all constituted a higher degree three wave correction in which case today’s increase could be the beginning of the next move to the upside which is expected to push the price for a new breakout. The Litecoin price breakout is now still active but is expected to slow down before new increases.
According to many best cryptocurrency news sites, this year Litecoin has enjoyed a winning streak – since August 2017 – which pushed it to new monthly highs after recording gains in each of the past four months. In January, the Litecoin price increased 3.8%, in February it gained 46.3%, March saw it rise by 31.15% and in April it increased by 22%. Right now, it is increasing as we speak but the gains since December are right now bigger than 250%.
An expected ‘halving’ is also expected for the cryptocurrency which is the main reason for the Litecoin price breakout, according to many. For those of you who don’t know, every four years, the reward that Litecoin miners receive for each block reduces by half. Last August, the reward decreased from 25 coins to 12.5 coins in the ‘halving’.
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