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Litecoin Price Rally to Start after LTC Breaks Through $85: Crypto Expert

  • Yuri Molchan
    📰 News

    A crypto analyst, founder of Crypto Capital Venture, predicts that Litecoin is likely to start a bull run as soon as the coin gets over the $85 mark

Litecoin Price Rally to Start after LTC Breaks Through $85: Crypto Expert
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Contents

The entrepreneur and founder of Crypto Capital Venture, Dan Gambardello, has offered his forecast for the LTC price in the near term.

No LTC rally, he says, until the coin’s quotes manage to break through the $85 level.

An LTC rally – to be or not to be?

Gambardello has some skepticism regarding any price mark Litecoin can hit lower than $85 per coin. It is only after that level, he believes, Charlie Lee’s brainchild will be able to begin on a rally. A specific figure the analyst names, at which the community can start jumping around the fire from excitement, is $88.

If LTC fails to reach this price level in the mid-term, we might be in for the downtrend continuation, he says.

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Current market situation for Litecoin

In the first week of August, a much-expected LTC halving took place, the second one from the coin’s appearance in 2011. Numerous experts, as well as the crypto community, expected the coin’s price to surge after that, since a halving cuts down the miners’ reward by half and, therefore, decreases the amount of coins issued into the circulation.

However, the asset’s price is moving in a different direction. If on the first day of the halving, it hit the $100 mark and the hashrate did not change much, contrary to what Charlie Lee expected, now the situation is different.

At press time, LTC is trading at $73.79. Its hashrate is now 30 percent lower than it was before the halvening.

LTC by CoinMarketCap
Image by CoinMarketCap

In the September, Litecoin is still expected to reach the $100 mark and possibly even break through it.

Besides, now that the trade war between the US and China is getting worse again and the Chinese yuan has reached the lowest price against the USD over last 11 years, Chinese investors may start buying not only Bitcoin and Tether to park their money, but also Litecoin, which is considered to be ‘digital silver’.

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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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Bitcoin Price Likely to Decline to $7,800: Crypto Analyst

  • Yuri Molchan
    📰 News

    Bitcoin is to find support at $7,800 or recover to $8,300, an analyst writes, but either way ‘continuation of the ranging on either of the levels is going to occur’

Bitcoin Price Likely to Decline to $7,800: Crypto Analyst
Cover image via www.123rf.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Over the last few days, Bitcoin has been trading below the $8,500 area. At the moment, it has recovered to $8,258 after the recent slip below the $8,100 level.

Analysts have been bullish on BTC in the long run, however, the nearest BTC price movements are expected to be bearish.

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The crypto analyst @CryptoMichNL believes that there are two paths ahead of Bitcoin at the moment. If it fails to recover to $8,300, he says on his Twitter page, then the market should be ready for the flagship coin to drop and find support at the $7,800 or $7,300 levels.

Whichever way it goes, ‘continuation of the ranging on either of the levels is going to occur’.

The analyst tweeted this forecast twice with an hour pause.

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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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