Litecoin price analysis 22 May 2019; should jump to $110

Litecoin is currently pretty stable at the $91 price point, but it is guaranteed to struggle at the $100 due to previous experience. However, the market capitalization of the crypto market is promising and is sitting at around $5.6 billion at the time of writing this article.

Naturally, it can’t compare to the capitalization a week ago, or even 2 years ago, but the growth can easily be seen.

If we look at the moving averages, Litecoin has all that is needed to quickly jump to the $110 mark. All it needs to do is survive the night which is shaping to be quite bearish, and then shoot up in the morning to at least $100 resistance level.

LTC price analysis 22 may

LTC chart by TradingView

In order for LTC to manage the predicted price point of $110, it’s imperative that the $90 and $88 support levels are maintained. Should they break during the night, unfortunately, nothing but another Bitcoin rush will save the coin.

At this point, it is very dangerous to deal with LTC for the short term, as nothing too distinctive can be said about it. But all the simple moving averages are indicating a steady growth to $110 starting tomorrow morning.

The smartest decision right now would be to open a position during the night, while the price falls to the $88 support level, and wait until the $100 resistance level is broken. Once that happens, it’s best to simply close and wait for another bear.

LTC is one of the only coins that can pull this off at this point. But remember that every bull has been followed up by a bear for the past month.