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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Will Litecoin (LTC) Rally to $1,000 After August 2019 Halving?

Dalmas Ngetich
Dalmas Ngetich
1 year ago
2 mins read
technical analysis litecoin LTC

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Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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  • Litecoin (LTC) up 6.1 percent
  • Charlie Lee thought LTC would rally to $1,000

In a podcast, Charlie Lee now reveals that he thought Litecoin (LTC) would surge above $1000. All the same, by profitably exiting at the height of the Great Bull Run of late 2017, he reaped huge despite all the criticism from the community. At spot rate, Litecoin (LTC) is up 6.1 percent in the last week.

Litecoin Price Analysis

Fundamentals

Year-to-date, Litecoin, and Binance Coin are perhaps the top two performing assets with triple-digit gains. However, it is the founder Charlie Lee who lights up the scene as he supports the coin. Even so, note that the co-founder did liquidate a big chunk of his LTC holding, selling at the peak of late 2017 super rally while simultaneously issuing a warning to Litecoin (LTC) investors urging them to invest if they are ready for a 90 percent plus drop. True to his words, Litecoin (LTC) and the crypto market, in general, slid, with altcoins losing more than 85 percent of Dec 2017 prices.

New episode is live w/ @SatoshiLite!

We discuss the early days of Coinbase, why he originally built Litecoin, how crypto evolved over the last decade, what the current challenges are, and where Charlie sees BTC & LTC going in the future.

Listen & learn!https://t.co/JcpLe8SXZi

— Pomp 🌪 (@APompliano) May 1, 2019

Nonetheless, leading in the recovery is Litecoin. Although Charlie Lee now admits that he thought the coin would rally to $1000, it is the coin’s hash rate that is improving by the day. There are several factors behind Litecoin (LTC) resurgence. One of them is Bitcoin’s prices bottoming up. As they have a positive correlation, the rise of the former mean Litecoin stands to expand. However, it is early August Litecoin halving that is drawing demand for the asset as investors prepare for scarcity.

Candlestick Arrangement

Litecoin

Price wise, Litecoin (LTC) is up 6.1 percent in the last week. From price action, bulls are in charge as long as prices are trending above $50. Since buyers are in control after reversing losses of Q4 2018 and the sell-off from mid-April to early May did cool off prices, traders can load up in dips with first targets at $100, our next resistance level marking Apr-3 highs.

Buyers are back thanks to the Apr-30-May-1 double bar bull reversal, and with the reaction from the 78.6 percent Fibonacci retracement level of Apr-2-3 high low signaling trend continuation, traders should fine-tune entries in smaller time frames as they aim at $100.

Technical Indicators

From above, May-3 bull bar is our anchor. With above average volumes—216k versus 174k, the candlestick confirms the double bar bull reversal of Apr-30-May 1 while simultaneously triggering buyers—waiting for Apr-2 mirrors—into action as the next leg up towards $100 is likely in motion. However, for buyers to be in control, then volumes clearing the $80 mark must be with high volumes exceeding 216k of May-3.

Charts courtesy of Trading View

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Dalmas Ngetich
Dalmas Ngetich

Dalmas Ngetich

Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape.

Read more

His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto.
The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance.

His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry.

Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion.

Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers.

DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations.
Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language.

Dalmas is here to help make the tech easy to understand and digestible, even for beginners.
The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential.
This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting.

Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature.

When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills.
You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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