Potential Bull Market Coming as Litecoin (LTC) Breaks the Descending Trend Lines
The crypto market has struggled to stay in the green for the most part of Q2, as the bears strike more frequently and aggressively.
The crypto market began this week deep in the red zone, laying off the gains of the previous week. Litecoin (LTC), like most other cryptocurrencies, began the week in the red, faltering to as low as $116.
While many analysts predicted that LTC could hit lower trend lines in the coming days, Litecoin (LTC) has recovered rather nicely from the low support level of $116. For Litecoin (LTC) to hit a major bull run, it must break the $122 resistance, which it is not so far away from.
Litecoin (LTC) Price Charts
Following a hike of 2.94% over the last 24 hours, Litecoin (LTC) is currently trading at $121.24 USD. The upward trend of LTC in the market is refreshing, and if Litecoin persists further to break the $122 resistance, the next stop would be the $130 mark. On the flip side, if the value of LTC slips below $120, we could see the asset hit a low support level of $116 against the US Dollars.
As a result of the recent uptrend, Litecoin’s market cap is up by over 80 million USD. As at the time of this writing, Litecoin has a market capitalization of $6,893,393,976 USD, making it the 6th largest cryptocurrency by the same measure. 24 hours trading volume of Litecoin (LTC) remains identical at an estimated $290.6 million.
According to Stockcharts using the Fibonacci chart analysis, Litecoin (LTC) is well on course to hit a mark of $560 that was predicted at the beginning of the year (this prediction is based on Fibonacci’s chart analysis and numbers). Litecoin’s interesting run in the market is also backed by some interesting developments.
Litecoin to Get Reddit’s Support Soon!
Back in March 2018, payments using cryptocurrencies were disabled from the largest community of crypto and tech enthusiasts, Reddit. According to an admin on Reddit, cryptocurrency payments were disabled from the platform as a result of the problems they faced with Coinbase’s payment platform.
CTO of Reddit, Christopher Slowe in an interview with Cheddar has revealed that they are working towards bringing back Bitcoin payments on the platform. Slowe also stated that they are looking to integrate Litecoin (LTC) and Ethereum (ETH) when the upgrade is made. Although Slowe did not give a timeline, Bitcoin and Litecoin will feature on the platform soon.
Litecoin Foundation Makes Huge Statement With PayWithLiteCoin
Litecoin Foundation a couple of hours ago launched a website to support the PayWithLitecoin Movement. Paywithlitecoin.co is a platform created by the team at Litecoin Foundation to help people and businesses around the world accept Litecoin (LTC).
The platform will make it easier for companies (small and large) around the world to integrate Litecoin (LTC) as a payment option into their framework. Litecoin’s next-generation transaction would be of benefit to every company that turns to the project. The goal is to make LTC accepted everywhere money is accepted.