Weekend trading was pretty weak for most old coins. Very few of them have recovered a few percent from their double-digit dumps on Friday. When the Bitcoin Flash crash shaved $ 55 billion off the crypto markets, Litecoin fell back to $ 110. The correction led to a 24 percent decline from the recent high of $ 145.
Bitcoin’s correction was similar, with BTC slipping 25 percent from $ 13,800 to a low of $ 10,300 before rebounding. At the moment, BTC is back just under $ 12,000, but Litecoin has reached $ 135 again before its consolidation today.
The daily volume for LTC is $ 5.7 billion, bringing the market capitalization back to over $ 8 billion. Bitcoin Cash was able to regain fourth place but did not move much. Litecoin has now compensated almost all losses from the recent mini-pullback. In the course of the year, LTC has achieved an epic increase of 333 percent and even exceeded Bitcoin.
The Litecoin halving is now a little over a month away with a scheduled start on the 5th of August. Now that LTC has proven resilience and has made up for all losses unlike other old coins, further gains are likely – regardless of what Bitcoin will do in the next few days.
The next big resistance level for LTC is around $ 180, a higher at $ 225. If Litecoin moves, then right. At the beginning of December 2017, LTC traded in a similar way to today, but pumped to $ 370 over the next week or so, nearly 175 percent in just a few days. This was a purely speculative FOMO – without technical or fundamental indicators such as a halving event.
The last Litecoin halving took place in August 2015. One month before the event, LTC pumped 400 percent – from $ 1.70 to $ 8.50. So there’s no question that we’re likely to expect a similar pump this time around.
Other Altcoins sleep in comparison. Bitcoin Cash has lost its fourth place to LTC, even though BCH has risen 5 percent to $ 440 today. EOS has made only a few percent of its recent double-digit losses, and Binance Coin is also pretty quiet today.
However, some olds are back on track this Sunday. Chainlink is still building on the current Coinbase Pro list, LINK is up 23 percent to $ 4, BAT is running well at 12 percent – and the BitTorrent token is up 10 percent as Testnet’s BT file system goes live in just a few days becomes.