It seems the past weekend has left a lingering mark on the cryptocurrency industry. With all top currencies suffering from small to medium-sized losses, a lot of bearish momentum materialized seemingly out of nowhere. It is possible this trend will reverse course soon. Until that happens, the Litecoin price won’t reclaim $175 anytime soon.
LITECOIN PRICE DIP SEEMS TEMPORARY
As is always the case when most cryptocurrencies start to regain a lot of value in quick succession, a dip seems inevitable. It is not uncommon for currencies to lose anywhere from 3% to 12% after two weeks of solid upward momentum. This past weekend illustrated that point perfectly, as most currencies are down by such percentiles. The Litecoin price, for example, lost just 4.9%, but it is still a bit of a setback for short-term speculators.
The past week has been pretty stable for the Litecoin price. With the momentum holding firm at $144 for the most part, it seemed evident an uptrend would form sooner or later. That did effectively happen, and it pushed the Litecoin price to just over $182. Very positive momentum overall, but it also led to a small decline a few days later. That decline is not necessarily something to work about, though.
With this 4.9% decline for the Litecoin price, the value has dropped to just below $165. Once the momentum returns, it seems a matter of time until LTC surpasses $175 again, but it remains unclear if and when that will happen exactly. With LTC losing just 1.19% over Bitcoin, there is no reason to panic as of yet. If there is no panic selling to speak of, the future Litecoin price will almost certainly be higher than what it is right now.
Litecoin hasn’t lost much trading volume either. More specifically, there is a lull in trading for all cryptocurrencies, as the volume dropped by nearly $13bn over the weekend. That is a very common trend and it seems to be a matter of time until things return to normal in this regard. Negative cycles like these will always happen in the cryptocurrency world, but they can be overcome with relative ease if people keep a cool head.
OKEx is certainly making a name for itself when it comes to cryptocurrency trading. The platform generates a lot of volume with its USDT and BTC pairs. GDAX completes the top three with its USD trading pair. One would have expected Binance to be near the top three, but for now, the platform is in fifth and seventh place respectively. Only two fiat currency pairs in the top 10 is a bit worrisome, but also something that will correct itself eventually.
For the time being, it remains a bit unclear where all cryptocurrencies will head next. As such, it is also impossible to make any accurate Litecoin price predictions. Returning to $175 will happen eventually, but it may take anywhere from hours to days, or potentially even weeks. The Litecoin price is still in a good place right now, and looking at the bigger picture, the best has yet to come in 2018.
Source The Merkle Article By JP Buntix