- Litecoin value reached $110 on Friday, its highest degree in over 9 months.
- A preferred crypto analyst says the macro downtrend for LTC could also be over.
Litecoin (LTC) at present trades round $104. However earlier within the day, LTC value hovered simply above $110, its highest degree since final July.
LTC value reached an all-time excessive of $410 in Might 2021. Whereas present costs stay method off that peak, Litecoin’s newest bounce sees analysts predict what may very well be subsequent.
Litecoin touches $110: Is LTC set for vertical beneficial properties?
Earlier than LTC soared greater than 15% on Friday, bulls had discovered it arduous to interrupt the psychological $100 degree.
Now with value hovering above the mark, a preferred crypto analyst says Litecoin price might lengthen beneficial properties if bulls obtain a month-to-month shut at $122.
“$LTC must Month-to-month Shut above the orange resistance ($122) & flip it into help like in 2020/2021 (inexperienced circle) to construct on its current Macro Downtrend breakout. Month-to-month Closing above $122 has traditionally been a recipe for achievement for #Litecoin uptrends,” Rekt Capital shared through X.
Earlier than the breakout on Friday, Rekt Capital had noted that LTC might consolidate above $94 amid a brand new macro uptrend.
Litecoin has pumped in current weeks amid an general bullish outlook for crypto.
The information that Coinbase was trying so as to add Litecoin futures buying and selling and CFTC’s reference for LTC as a commodity additionally added to the optimistic outlook.
LTC is probably going one of many altcoins to look at. Notably, Bitcoin’s potential to blow up in coming months amid the halving catalyst is including to LTC sentiment.
