Litecoin price is struggling today as investors start to question the recent rally in digital currencies. LTCUSD is trading at $163, which is slightly below this year’s high of $181. It has a market cap of more than $10 billion, making it the fifth-biggest cryptocurrency after Bitcoin, Ethereum, and Ripple.
What happened: Litecoin has been in an upward trend. For one, it has jumped by more than 550% from its lowest level last year. This makes it one of the best-performing large-cap currencies. This performance has been because of increased transactions in its network.
It is also because of its relative price compared to that of Bitcoin. Small traders believe that investing in Litecoin, which is trading at $163 is better than investing in Bitcoin that is trading at almost $40,000.
Further, Litecoin has a strong reputation, being one of the oldest digital currencies in the world.
What next for Litecoin?
In my last article about Litecoin, I said that the currency would jump by 32% to $145. That turned out to be true.
Looking at the daily chart, we see that Litecoin price is finding it difficult to move to $200. It is also toying with the idea of falling back to $145. However, in all, the price is still above the 25-day moving average, which is a sign that bulls are still in control.
Therefore, in my view, LTC/USD will continue soaring during the weekend as bulls attempt to move above the $200 level. This is just a 22% gain above the current level.
LTCUSD technical chart