Litecoin has finally crossed the $100 resistance level after days of speculation. By press time, the fifth-ranked cryptocurrency was trading at $114.38 with a market capitalization of $7 Billion.
For many cryptocurrency enthusiasts, crossing the resistance level opens new doors for Litecoin which has surged by over 50% in 2019. It is not a surprise considering the fact that Litecoin started the year on a bullish run. After hitting a low of $23, Litecoin has been showing steady recovery.
Notably, the surge of Litecoin can be linked to the upcoming August halving. After the halving process, the block reward for miners will be reduced by 50% from 25 to 12.5 LTC. Litecoin has a significant amount of liquidity which is vital. From the available coins, there is no any other crypto that matches Litecoin’s liquidity.
Judging from the past, cryptocurrencies tend to rise in value as they gear up to the halving process. This explains the impressive Litecoin performance in 2019. Additionally, the value of Litecoin recently has been propelled by the current cryptocurrency bull led by Bitcoin.
The main question is what does the future hold for Litecoin after surpassing the $100 mark? At this point, the next target for the asset is $150, if the bulls push higher, the target will most likely be achieved, Litecoin will smoothly rise and surpass the $150 mark. For Litecoin, all signs indicate that we will continue having an upward trajectory.
However, if the price of Litecoin breaks below the 50-day moving average, it might fall to below $90 in the short term. Additionally, if the asset loses this support, the price might crumble to below $70. However, a decline is unlikely.
