Litecoin Cryptocurrency Moves Higher Again But Is $100 Too High?
Litecoin prices surged once again today, September 6, 2017. The price compared to the United States dollar was over $90 per litecoin on September 1. Today it reached nearly $82. China’s swift move to ban all ICO’s was a short-term halt to the epic rally that the cryptocurrency was beginning to see. But unlike Ethereum, bitcoin, and bitcoin cash, litecoin actually rode a more bullish wave in the face of the ICO debacle.
Since hitting lows earlier this month, the cryptocurrency has made a nice reversal, which has been seen as a positive today. The progress is recognizable as an “inside day candlestick pattern”. This happens when a security or in this case, a currency trades within the high and low range of its previous day. This is generally a bullish signal if price action on the next day is positive. On the other hand, negative price action on the next day is seen as a more bearish signal.
No matter the case, the newest trend for litecoin has been a positive one. The cryptocurrency has seen some of its largest gains alongside the top ten cryptocurrencies in the last day. So why the rally and why now?
Well, it’s not necessarily a stand-alone event but more of a jump in institutional interest in cryptocurrencies overall. This has helped trigger the major move in things like bitcoin, this year. But can this rally continue? Obviously this is yet to be seen, however a lot can depend on what bitcoin does. Some call litecoin the “silver” to bitcoin as “gold” as a commodities reference.
This makes sense as Litecoin has been more sought after for its ability to be used easier in transactions than bitcoin. Think about it, when was the last time you used gold to pay for something? It’s more of a “store of value”. In the end, for litecoin could be simply heading for a technical move on its chart and less influenced by outside factors. But time will certainly tell