As the crypto world enjoyed another day of gains, leading the way once again was Litecoin (LTC). whilst Bitcoin (BTC) enjoyed only sluggish gains
Having hit an all-time high of $420.00 on December 12th last year, the cryptocurrency has seen some heavy declines. Even after yesterday’s 10.65% increase, the peer-to-peer cryptocurrency initially released in October 2017, has fallen 93.4% for the year.
As exchanges saw a a sea of green amongst digital currencies, Litecoin (LTC) was once again the star, up 10.22% at time of writing, trading at $25.890. Today’s gains meant the altcoin reversed what was a 3.17% loss as of yesterday.
When looking at Litecoin (LTC) from a technical analysis point of view, the altcoin which has a current market cap of $1,557,008,588 USD, has been on a firm downward trend all year. Having failed to establish a base at $47.246, by November 13 the bears took over and the downward trend resumed soon enough. Another attempt to form a base at $29.349, failed to last for less than a week.
The cryptocurrency was founded by Charlie Lee, a former Google employee and ex Engineering Director of Coinbase.
Lee who was born in the Ivory Coast and moved to the US aged 13, sold all of his Litecoin around its peak in December 2017. At the time he citied a conflict of interest and went on to indirectly indicate that the price of Litecoin could plummet to as low as $20.
Litecoin (LTC) Boosted by CoinGate Launch
Boosting Litecoin (LTC) was news that he Litecoin (LTC) Lightning Network is set to launch on Coingate, one of the largest of the payment gateways. In a recent tweet, Charlie Lee, whose brother is Bobby Lee, is the founder of cryptocurrency exchange BTC China, said of the news:
“Even Litecoin will soon have more than 1000 merchants accepting LN payments! Thanks @CoinGatecom!”
Even Litecoin will soon have more than 1000 merchants accepting LN payments! 🚀 Thanks @CoinGatecom!
— Charlie Lee [LTC⚡] (@SatoshiLite) December 13, 2018
https://t.co/0JXvC9Xp3H
What’s Next for Litecoin(LTC)
If Litecoin (LTC) continue the rally and rise above $29.349, it is a strong indicator that the altcoin may have bottomed out in its recent lows. If this is the case, an increase of $47.246 looks probable on the charts. However, sensible traders won’t be getting too carried away just yet. Before taking a long position in the star of the last two days, traders could look at whether this is a dead cat bounce, and wait for the trend to reverse further.
