Litecoin (LTC) has been on an uptrend for the past week. However, it is only yesterday that the gains went parabolic. In the last 24-hours, Litecoin (LTC) is up by over 30%, and chances are that these gains could continue in the short-term. From the charts, Litecoin (LTC) is primed for some even more gains in the coming week. That’s because, this pump has seen it push back above the 200-day MA at $43 on the weekly charts. This is a huge move, and a signal that bullish sentiment in Litecoin (LTC) is gaining strength. If it holds above this price next week, then it could mark a return of the bulls in Litecoin (LTC), and a possible ride back to the top. But it’s not just the technicals that are supporting Litecoin (LTC), it is also being pushed by some very strong fundamentals.
For starters, the Litecoin (LTC) halving is coming up in a few months, and if the past halving is anything to go by, then Litecoin (LTC) could be up for some major gains this year. That’s because the difficulty level will increase, and this will have an impact on the supply levels of Litecoin. In essence, as the halving approaches, Litecoin (LTC) is likely to continue growing in value. That’s because, investors will be expecting a major rally after the halving, and will start taking positions before the halving comes. As this momentum builds up, Litecoin (LTC) could be in a major Bull Runway before the actual event.
Litecoin (LTC) is also supported by the fact that, the Litecoin Lightning network is on a growth path, and has already surpassed 100 nodes. With the Lightning network, Litecoin (LTC) will be more efficient for everyday use as a currency. That’s not forgetting that it’s already one of the most adopted cryptocurrencies in the market. With the Lightning Network, Litecoin (LTC) could see an even higher rate of adoption. As the levels of adoption grows, Litecoin (LTC) could easily outpace its all-time highs by a huge margin. Litecoin (LTC) went to over $300 when most of these developments were not there, and it was not as adopted as it is today, which makes its current potential much higher.
Litecoin is also supported by the fact that Bitcoin (BTC) could have a major run-up in 2020. In 2020, Bitcoin (BTC)’s halving will take place, and this could significantly drive up Bitcoin (BTC) and the entire market with it. For a crypto that is as closely tied to Bitcoin (BTC) as Litecoin (LTC), this could lead to a huge increase in price.
Clearly, Litecoin (LTC)’s prospects look good this year, and going forward. It has a very realistic chance of hitting $1000 in the future. At the moment, it is flying up market cap rankings, and if it continues with its current momentum, then Litecoin (LTC) could easily break into the top 3. It’s interesting to watch its price action in the next few days. Can it make you rich? Highly likely!