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Litecoin has reached the bottom and is preparing for a new race

Mar 6, 2020 Forex News

The seventh-largest cryptocurrency, Litecoin (LTC), is being traded today in the green zone, however, the increase in its value is still small.

Over the past 24 hours, the cryptocurrency has added a little more than a percent and is trading at $62.50 on the Bitfinex crypto exchange. Litecoin capitalization is $4.038 billion.

The first half of 2019 was very successful for the altcoin. Before the miners' award in August (halving) was reduced, the LTC rate jumped to $142 at some trading platforms by mid-summer, after which the cryptocurrency began to weaken.

In mid-February of this year, there was another surge in the activity of users of the Litecoin network, and the asset went up to $82. In early March, there was a fall to $56. Below this level, the coin did not roll back and gained support, which allowed it to return ​​above $60.

According to trader Benjamin Blunts, LTC has bottomed out, so a further drop in the coin is unlikely. The correction is almost over, and now a new phase of altcoin growth will be waiting for us.

A break above $69 will allow us to see new highs, however, the analyst refused to specify his forecast, limiting himself only to a mark on a trend change.