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Litecoin (LTC) targets $100 after successful breakout

Analytics

finbold.com 05 December 2022 09:53, UTC
  
Reading time: ~2 m

The cryptocurrency market is riding the green wave as most of its assets recover from a crisis sparked by the collapse of FTX, once one of the largest crypto exchanges in the world, with Litecoin (LTC) recording especially significant gains and showing signs of a bright future.

Specifically, the increases that the price of Litecoin has been registering for the past several days are an indicator that the decentralized finance (DeFi) token could secure a rally towards $100, according to the tweet by a pseudonymous crypto trading expert Bitcoin Bull on December 5.

As the crypto analyst explained:

“LTC broke above the rising channel successfully and stayed above for a few days and now bouncing again. Targeting $90-$100 area.”

On top of that, Litecoin three weeks ago recorded the largest amount of dormant tokens being moved in four years and a decrease in the ageing of the average token investments, which is an “ingredient for bullish breakouts,” as the crypto market intelligence platform Santiment observed in a tweet on December 5.

Litecoin price analysis

Meanwhile, Litecoin is recording gains on all of its charts, as it trades at $83.60 at press time, which represents an increase of 9.42% on the day, 15.85% across the week, and 21.54% over the previous 30 days, with a $6 billion market capitalization.

With its price action, Litecoin has confirmed analysts’ earlier predictions of an uptrend and then some. Indeed, Rekt Capital estimated that LTC would need to close November above $67 and hold above this level “to move higher next month,” as Finbold reported.

Despite the optimism shown by analysts and chart patterns, the cryptocurrency community at CoinMarketCap is demonstrating a bearish view for Litecoin for December 31, 2022, as it estimates it will trade at an average of $62.29, which is over 25% lower than its current price although more positive than its previous predictions reported by Finbold.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.


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