The key altcoin to watch out for this week is definitely Litecoin. Since its all-time low in December 2018, Litecoin is finally relishing a bull run of over 150%.
The fact that Litecoin has managed to break through 200 daily moving average after trading below it for the past 10 months, is a significant price-action indicator signalling a bullish trend to investors. Moreover, Litecoin is the only cryptocurrency among the top 5 cryptocurrencies by market capitalization to achieve this feat of breaking through 200 daily moving average. This could also be an early indicator signifying a bullish trend in the overall crypto market.
Apart from the technical analysis above, we also noticed that Litecoin is halving its reward. The decrease in coin reward is scheduled to happen on 7 August 2019.
Historical records and confluence of market price action shows that a mega bull run can occur between 6 to 9 months prior to a decrease in coin reward.
At the moment, we can see that a very attractive trade structure has been set up in the market. That’s to say, if the price is able to support more than 50USD, the price would then be expected to move towards the 90USD zone within these two months.