Litecoin’s price hit a one-month high amid a broader bullish tone in the crypto markets. The 7th largest digital currency by market capitalization hit $68.59, its highest price since August 7th according to coinmarketcap. Additionally, the coin’s market cap stands at $3.9 billion, also its highest in the last month.
For the first time in weeks, Litecoin (LTC) price finally managed to hit a one-month high of $68.59. Currently, the coin’s price stands at $67.82 after gaining 2% in the last 24 hours. Although many may assume this development, it is key towards the coin’s journey to a new yearly all-time high, which is achievable based on the recent developments.
The coin’s price is showing signs of a turnaround and has managed to break out of the downtrend line and the 50-day SMA. A successful breach of the resistance may propel the coin’s price above $70. The 20-day EMA has turned up while the 50-day SMA is flattening out. These are clear signs that bulls have the upper hand. Further, if the coin maintains above the $70 level for a few days, the probability of a rally towards $94 will increase.
The recent increased developments around litecoin platform may propel the coin’s price towards new levels. For instance, Brian Kelly stated that the upcoming Litecoin conference may be a short-term catalyst for Litecoin’s price. Also, Abra, a popular mobile-focused alternative to Coinbase, announced to residents of the Single Euro Payments Area, that they would be able to directly deposit fiat into the app. This would make accessibility to Litecoin easier as well as increase its adoption, thus more gains.
As such, litecoin’s value is increasing with the increased developments. This has seen the interest for Litecoin rise, and its impact can be witnessed on the coin’s price.
Do you think that Litecoin’s price will manage $94 by the end of 2018?
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