By Leah Hutton (Luxembourg)
Litecoin News Prediction by Dan Gambardello
Dan Gambardello, the crypto analyst and the entrepreneur and co-founder of Crypto Capital Venture predicts the price of Litecoin and says that there is the chance of price rally of Litecoin if it gets through the level of $85.
He says that there will be no rally in the price of litecoin until it gets the figure of $85.
$85: Level of Resistance
The crypto analyst gives his prediction in a doubtful way and says that there is a probable chance that it can touch the figure lower than this level of $85 but then there is no chance that the price of litecoin bounces back. It is only this level that can be proved as a resistance level for the price rally of litecoin.
A particular mark that was suggested by Gambardello is $88 at which the crypto community will be excited.
There will be a downtrend in the value of the coin if its price does not succeed to reach this level in the mid-term.
Litecoin: Any move less than breaking $85 is not really significant
$85 is a key area of confluent resistance
Anything below that may just be a lower high in mid-term continued downtrend
I wouldn’t get too excited until we’re looking at like an $88 Litecoin pic.twitter.com/8HM23macG2
— Dan Gambardello (@cryptorecruitr) August 26, 2019
Present condition of Litecoin in Market
The second LTC halving took place recently in the 1st week of August which was the second halving for the coin since it appeared in 2011.
Also read:It was believed by the crypto experts and the crypto community that the worth of the coin may go high but because of the halving of litecoin the price reward of the miners became half which caused a decreased amount of coins issued for circulation.
The Coin hit the mark of $100 but it did not affect the hash rate. But now the situation is different because now LTC price is flowing in the right direction.
The hash rate of the coin is now standing at the number of 30% and is trading at $73.79. This is the current situation of the litecoin in the market at the present stage.
Source: CoinMarketCap
US/China trade war may increase LTC Value
It is expected that Litecoin may touch the figure of $100 and may even get above this in the month of September.
This can happen because of the reason that the strife of US-China is getting bitter day by day as the Chinese Yuan is at the lowest rate over the last 11 years.
So there is a possibility that Chinese investors may start thinking about litecoin (which is also known as digital silver) along with BTC and Tether.
Chinese Yuan at the lowest rate (¥7.14) to dollar in last 11 years.
Trade war and world political turmoil taking its toll. Not looking good! pic.twitter.com/6brPGLaF4a
— godfather (@cryptogodfatha) August 26, 2019
Conclusion
In short, we can say that the mark of $85 is the resistance for the litecoin and any break through above this level can start the price rally of the coin.
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