The general cryptocurrency market hasn’t recovered since the crash that occurred at the start of the year following the all-time high recorded by most altcoins in January. There is a belief among analysts and experts that the descending triangle may soon be over and the bull cycle will return.
Litecoin, which is one of the leading cryptocurrencies, would have a chance to recover some of its losses but what can we expect from it this month.
Can Litecoin Reach $150 This Month?
Just like most cryptocurrencies, Litecoin has bottomed three times since the market crashed in February. The first one was in February when its price dipped below the $110 mark. The second bottom came in April and the most recent one was in May.
Reddit users, while discussing the price movement of Litecoin, believe that the LTC/USD pair could attempt to reach $150 mark in the coming days, with the currency now trading around $121 per coin.
There is general optimism amongst Litecoin traders and hodlers who believe the price would reach $150 before the end of the month. However, Litecoin price is affected by other factors such as Bitcoin price, the general market sentiment, be it bearish or bullish, news about LTC adoption and many others.
The Litecoin foundation has been doing a lot lately and positive news from the camp about adoption from different companies have created a positive feeling in the market about Litecoin that could affect its price both short and long-term.
The one factor that is set to affect Litecoin price movement on the upward is the Bitcoin price. Just like most cryptocurrencies, the price movement of Bitcoin determines that of Litecoin and other digital currencies. Bitcoin has been experiencing a reduced trading volume and a general bearish market sentiment and its price movement either stagnant or bearish have affected the price of other cryptocurrencies negatively even when they are making headlines in terms of adoption and other developments.