- LTC/USD had the best quarter on record.
- The downside may be extended amid profit-taking.
Litecoin (LTC) price doubled during the first three months of the year, making a long way from $30 to $62. The fifth digital asset touched $62.10 on March 27 before retracing towards $60.80 by the time of writing. The first quarter of 2019 became the best on record for the coin.
The first quarters of 2014, 2015, 2016 and 2018 were marked by strong bearish momentum. While the coin grew during the first three months of 2017, this year seems to be much more successful for the so-called digital silver.
The industry pundits believe that Litecoin growth is supported by halving that is scheduled to take place on August 8. The halving means that miners renumeration will be reduced to 12.5 LTC, which will affect the speed new coins are mined and added to the circulation.
However, the extended consolidation under $61.00 might signal that the upside trend is running out of steam. The daily RSI is sliding down away from an overbought territory, signalling that the coin is in for an extended correction with the initial aim at $53.00 with DMA500 located just below this handle.
Once this barrier is cleared, the sell-off may continue towards psychological $50.00 and DMA200 at $44.50.
On the upside, we will need to see a sustainable move above the recent high of $62.00 to proceed to $67.70. This barrier is strengthened by weekly SMA50.
LTC/USD, 1D chart
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