A Litecoin price shift has triggered bullish sentiment as investors look towards longer term growth for the industry’s seventh largest cryptocurrency.
Litecoin Price Chart Talking Points
- LTC price breaks the $85 resistance point on July 25
- Litecoin price in USD could hit $100 if bullish sentiment remains
- Founder Charlie Lee striving for $400 LTC/USD price point
Those tracking the Litecoin price live were given a real-time boost on July 25 as the Bitcoin spinoff broke a significant resistance point. With the LTC/USD price hovering around $80 since the start of July, the value has topped $85 and moved into the bullish zone in the last week. Peaking at $91.95 on July 18, the crypto has since normalized around the $86 mark, prompting speculation that it could soon be heading for a three-figure rally.
Psychological Barrier Could be Broken
Taking the high ($87.83) and low ($85.41) from July 25, the 23.6% Fib retracement was reached at $87.25, which suggests stabilization around $87 could generate support for a $90+ push. For investors looking to buy Litecoin, breaking the $90 resistance barrier would not only be seen as a financial achievement but also a psychological one. As is often the case in the financial markets, success breeds success and any movements towards the $100 mark often cause a surge of interest.
Although long-term investors will want to avoid a boom/bust scenario in light of LTC’s steady price increase, the allure of a three-figure USD valuation is likely to cause a pump. For its part, Litecoin has been pushing the pace. Founder Charlie Lee has responded to Twitter trolls by reconfirming that he’s not abandoning the project despite selling his holding in 2017. By way of support, the LTC founder outlined the recent partnerships with TokenPay and Germany’s WEB Bank.
Another Bitcoin Boom Could Buoy LTC Price
The Litecoin price chart also appears to be benefitting from Bitcoin’s mini-surge. Following comments from BlackRock CEO Larry Fink and an improved dominance rating of 46%, the price of Bitcoin has moved to a two-month high. With Litecoin intimately linked with the original crypto, it seems success for one often results in an upturn for the other. What’s more, with Facebook reversing its decision to ban Bitcoin and Litecoin adverts, the two closely linked cryptos can now resume their push for mass-market investment.
Given the current technical indicators and developments around the technology, the USD price of LTC is looking strong above the $80 mark. If it can hold this position over the coming week and threaten the $90 resistance point, market sentiment is certain to remain bullish. Although the $340 highs of 2017 may be a long way off, a $100+ valuation by the close of 2018 is possible. Away from the rising Litecoin price in dollars, BTC may prove to a useful side investment in the latter half of 2018. As asset management firms and European Parliament committees remain hot on cryptos, Bitcoin is always going to be among the cryptos experiencing a surge.
*Any information about the price of Litecoin shouldn’t be taken as investment advice. Those that choose to buy Litecoin do so at their own risk.