Litecoin Price Surge May Initiate A Bull Run For Altcoins

The Litecoin news today show that LTC is dealing with the bears. The day is expected to close with the positive price change for the cryptocurrency. According to analysts, a Litecoin price surge soon could be the breaking point of a new bull run.

After recording a remarkable movement in the first two quarters, Litecoin (LTC) created a heavy market pressure in the last quarter, where we saw the price of this cryptocurrency falling tremendously. The traders supporting LTC are still hopeful for the uptrend in the coin, the latest crypto news show.

Yesterday, Litecoin was trading at $58.24 high and $56 low. The volume was around $2.44 billion. Today, we can see that LTC held onto its lower side and is at $56.30 with a 0.64% decline on the day. In order for us to see a Litecoin price surge soon, LTC must recover and initiate a bull run by going over $60.

What’s good is the fact that Litecoin has a strong reputation on the market and its price movement has always been impressive for the traders. The coin is counted among the result-yielding currencies because of the same thing. Also, traders anticipate Litecoin giving Bitcoin a tough competition in the future.

According to the price counters, the resistance and support levels for LTC are as following:

Resistance	Price	Support	Price
R1	$57.69	S1	$55.45
R2	$59.09	S2	$54.61
R3	$59.93	S3	$53.21

In other words, a Litecoin price surge is expected to give out a huge dividend to the long-term traders – something they have been expecting for a while now. The potential investors can also dig in with a high prospect of return.

Considering the fact that the Litecoin news did not show a lot of exciting uptrends over the past month, an upcoming surge might change all of that. As it stands, the market is not in a good position to trigger a bullish run for all cryptocurrencies – especially not Bitcoin – but altcoins may rally and do the unexpected.

In a scenario like that, traders expect altcoins to replace Bitcoin and initiate a Litecoin price surge and bullish run which will come with increased volume and a market cap that is far greater than today’s one which stands at $224.8 billion.