The year 2019 has been rather positive for Litecoin so far Although this currency is not necessarily known for groundbreaking technological innovations, it is a usable and viable network to store and transfer value. The Litecoin price has seen its fair share of increases in the past six weeks. A new strong gain is forming right now, as the value seemingly approaches $45.
Another Small Litecoin Price Push
When the Bitcoin momentum turns anything but bearish, all other markets usually follow in quick succession. This unwritten rule in cryptocurrency has been well-documented in the past few years and is still in effect as of today. Even so, there are some markets which periodically buck this trend. Litecoin isn’t necessarily one of those markets, yet it is benefiting from Bitcoin’s momentum this year.
Although Saturdays are not known for their bullish momentum, there has been a notable Litecoin price increase. A 3.8% gain in USD value brings the price to $43.96 again. There is also a 3.2% gain over Bitcoin to bring LTC to 0.012 BTC again. Sustaining that latter threshold may prove difficult, as these “round” levels usually act as tough resistance.
Determining the length of this new run will pose its own set of problems. Hov is convinced Litecoin can swing three ways, which is rather normal for any financial market. For the time being, the question remains whether or not LTC has bottomed out or not. It is too early to draw conclusions in that regard, as it wouldn’t take too much bearish pressure on Bitcoin to spoil that plan.
$LTC
Yesterday I gave you the alt count for #LTC & a full video breakdown
Today I give you 3 different counts to use as primary
Which path do you choose?
Red – Bottom is in, now moon.
White – In X
Orange – In B#LitecoinPlease like, share & follow! pic.twitter.com/1cy23ydQ3l
— Hov (@SenseiHov) February 16, 2019
Mojo Crypto is looking at things very differently and clearly from a super bullish perspective. He claims a golden cross has formed on the LTC chart which means the altcoin will push through to $50 and even $60 in the coming days. While this may indeed be the case, making such outlandish claims may be a bit premature.
Golden cross on #LTC #Litecoin chart… Going to sky rocket up to mid $50s very soon and probably $60s within the next couple days
— MoJo Crypto (Jubal Lambert) (@JubalLambert) February 16, 2019
Traders and speculators who cannot be bothered to buy Litecoin and hold it for the long term may want to look into arbitrage trading. A few interesting opportunities are available today, with Gobaba and Bitfinex being the main platforms to keep an eye on. Similar to the EOS arbitrage gaps earlier today, Litecoin can yield a profit of 1% or more per trade.
#LTC
Buy at #Gobaba and sell at #Cex. Ratio: 1.06%
Buy at #Gobaba and sell at #Bitfinex. Ratio: 1.01%
Buy at #Bittrex and sell at #Bitfinex. Ratio: 1.28%#bitcoin #arbitrage #arbitraj #arbingtool https://t.co/xiFUPzcOcC— Arbing Tool (@ArbingTool) February 16, 2019
For the time being, it would appear the Litecoin community can enjoy another rather promising day. Just because a 3.8% increase has been noted doesn’t mean the price will turn mega bullish all of a sudden. With the ever-increasing trading volume of LTC, however, one can clearly see there is a genuine interest in trading this altcoin right now. As such, anything can happen in the coming days and weeks.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.
Image(s): Shutterstock.com
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