Litecoin market update: LTC/USD nearly doubled since the beginning of the year, and here’s why

Litecoin (LTC) has been one of the best-performing cryptocurrencies lately. Litecoin moved to the fourth place in global cryptocurrency rating as the coin’s price nearly doubled since the beginning of the year. Currently, Litecoin is changing hands at $57.00 with market capitalization registered at $3.34B.

Litecoin’s success over the last few months is caused by several factors, including a number of high-profile partnership deals, developers efforts aimed at enhancing privacy and security features of the coin, and the halving scheduled for August 2019.

To put it simply, halving reduces miners rewards, which leads to a tighter supply of new coins.  The price of digital assets usually rises ahead of the halving. While there is no guarantee that the trend won't change under the influence of other fundamental factors, at this stage, the Litecoin’s perspectives look promising.

Litecoin's technical picture

LTC/USD recovered from Tuesday’s low of $52.8, though the upside momentum is limited due to selling interest clustered around $57.00 barrier. Once this hurdle is out of the way, the recovery may be extended towards the recent high of $59.75, which separates us from all the more important $60.00.

On the downside, LTC/USD is supported by $56.50 (SMA50, 1-hour). This barrier is followed by $55.50-$55.30 areas guarded by SMA50 4-hour and SMA200 1-hour. However, from the long term point of view, Litecoin is on recovery track as long as the price stays above $40.00.
 
LTC/USD, 1-hour chart