$LTC has already increased by almost 500%!

Litecoin has been one of the cryptocurrencies that have been growing more solidly and steadily since the beginning of 2019. Since December 15th when it bottomed out at $22, reaching its lowest point in more than two years, it has increased almost 500%.

During the last and ongoing upward trend, the Litecoin price has behaved very good technically talking. It has risen very solidly, consolidating the levels by making a retracement and respecting these key levels with barely any false breakout.

Why has it been doing so? this bullish run might be caused by a range of different factors, however, one that seems to be the most important one is the halving that LTC will undertake new August. The supply of this crypto will be automatically reduce by half, from 25 LTCs to 12.5.

This cut in its supply seems to be the main cause of this incredible bullish trend. Now, LTC lies in a key level, $130. If it performs a pull-back to $120 and continues rising, this coin can maintain its way up until the next strong resistance at $175.

Yorum:

LTC broke upwards the resistance $130 and it now has made a perfect pull-back to the same zone, that now has become a support.

The price can be supported in this area to keep rising and testing new resistances. No doubt, the outlook of this cryptocurrency is bullish.

As said in the explanation above, the halving taking place next August will reduce the Litecoin supply and very likely increase its prince. Increase that is taking place now.