Litecoin went on a parabolic run and broke out from $50 to over $400 in just 4 weeks at the end of 2017.
Plenty of investors jumped on the bandwaggon and got left with a solid bag of LTC currency, with the coin nowhere near all-time highs since the boom.
Today, it is holding on to 6th position in the top 10 market cap coins. The loss of its top 5 position is somewhat disappointing considering the team prides itself with being a important peer to peer currency.
Come 2020, will we see an increased number of commits on the projects Github, giving hope for a surge in price?
Let us look closer at the details.
Since the euphoria 2 years ago, Litecoin has taken on the role as the invisible coin in the crypto market. A lack of news with little development forced Charlie Lee to set the record straight in this Twitter thread.
Yet, it has followed the trend of all other altcoins, up and down but the crowd is less enthusiastic than they used to be.
Still, Litecoin recovered in 2019 and ended the year up about 20%. This in spite of the dismal state of the crypto market since 2018.
It followed the same pattern as most altcoins and broke out from a value of $38 last year to a high of $145. That is a move over 200%, which it gave back and ended the year at a trading price under $50.
At the start of 2020 it is expected that Litecoin will see slow growth in Q1.
This is despite the fact that the coin inherits the same scarcity factor as Bitcoin with a low supply totalling just over $60m. Furthermore, it is not born as a result of the ICO boom of 2018.
This is a coin that that was created in 2011 and has a solid following in the digital space. Traders often look to LTC to spot possible future market movements.
That is why you should keep an eye on Litecoin in 2020, especially in the stagnant market we have had for the last couple of months, it can be the currency that will lead the way in Q2 and Q3.
On the weekly chart Litecoin is currently trading a $35. We don’t expect it to go as low as $23 which was rock bottom back in 2018, but it is trading at its lowest price for just about a year.
From July 2019 there has been a steady decline in price. There are resistance levels at $65, $80 and $105, but considering that it has been dominated by bears it is a good chance that LTC will breeze through these levels in a bullish market.
Forum chatter agree that this could be the monthly higher-low. If it is, a move back to the $110–$140 is within range for 2020, and possibly higher.