Litecoin price analysis 24 May 2019; jumped like a mad man

Litecoin suffered a major drop on May 22nd, but it managed to surprise everybody within just one day (which happens to be today), by jumping to a price absolutely nobody was expecting.

Litecoin is right now, the best performing cryptocurrency among the Top 10 bunch, but there are no positive future predictions for it, unfortunately.

Due to a tease by OKEx, about possible future collaborations with LTC, the price of the coin surged significantly as displayed on the chart below. But whether or not that price is maintained until the partnership actually happens, remains to be seen.

LTC price chart 24 may

LTC chart by TradingView

At this point, it’s very hard to determine resistance and support levels due to the OKEx tweet. Seeing how LTC has moved away from the general market sentiment, it’s irrelevant to even consider market pressure on the coin.

However, we do know how long the hype is going to continue. It will most likely remain between the summer of 2019, and die down once OKEx officially announces their plan on Litecoin if it actually is planning something.

Once everything is confirmed LTC will most likely go back to market influences, but, by then, it’s expected that it will surpass the $100 mark and continue to do so until the end of 2019.

By which, it’s expected to have increased by more than 3% after the OKEx feature.

At this point, it’s hard to say whether LTC is a good option for short-term as it will most likely float between the $95 and $100, before official confirmation. But for the long term, it definitely has some merit in the next 6 months to come.