Litecoin price analysis May 16 2019; massive drop

Litecoin was able to price at an extremely advantageous position this morning but unfortunately has failed to maintain it. In fact, the rise was so good for LTC that it formed a new Month High for the coin.

The highest point that was reached by LTC today was $107.71, which is the highest it has ever been since June 2018. However, it seemed like a pump and dump as the bullish trend has been completely floored for the last couple of hours. The price quickly dropped to around $96 per piece.

Litecoin 16 may 2019

LTC chart by TradeView

The bull rush was expected today, hower not to this extent. Which explains why the price fells so much within such a small timeframe. It can be explained by unprepared investors, who were believing the price would drop by the end of the day. Needless to say, their predictions were correct, but they may have been the reason for the fall in the first place.

Litecoin was not the only coin that had a good morning as nearly every major currency like ETH, XRP, EOS, and BNB woke up to a nice upwards trend for the large majority of the morning and noon hours. But the market is starting to quiet down as investors are closing their previous positions.

It is not clear as to what will happen tomorrow, but another bear hit is expected. Most people will be very likely to close their positions for the weekend, which will probably drive the LTC even further down, at around $90 by Monday.