Bitcoin incurred an explosive rally this morning that when once more despatched it screaming previous $10,000, with at present’s break of this stage permitting it to set recent 2020 highs of $10,400. This motion subsequently led Litecoin (LTC) and different main cryptos to equally see some respectable upwards momentum.
Litecoin, which has seen what seems to be the early phases of its subsequent parabolic rally over the previous a number of weeks, may now be poised for considerably additional upside.
One distinguished analyst believes that this subsequent leg up will lead LTC to achieve the $100 stage, which can be the place it finds some intense resistance that halts its uptrend.
Litecoin Intently Tracks Bitcoin because the Crypto Market Rallies
On the time of writing, Litecoin is buying and selling up over 3% at its current price of $76, which marks a notable climb from every day lows of beneath $73.
At this time’s rally happened throughout a fleeting selloff that the cryptocurrency incurred yesterday, which was sparked by Bitcoin’s latest drop to lows of $9,700.
It does seem that this latest value motion is emblematic of a agency bull market, as every dip following notable rallies has been brief lasting, main some analysts to conclude that “dips are for getting.”
Within the near-term, Bagsy, a distinguished cryptocurrency dealer, defined that he believes LTC will quickly transfer from its present value of 0.0075 BTC to its subsequent provide zone at 0.0095 BTC.
“LTC Ideas: IF Bitcoin reveals weak point, I believe we’ll see a pullback earlier than the transfer up into the 9K’s, in any other case I believe it’s extra possible we observe yellow path. I’m ready for both situation; don’t be that man that’s overleveraged at resistance,” he defined simply previous to at present’s rally.
$LTC Ideas:
IF #bitcoin reveals weak point, I believe we’ll see a pullback earlier than the transfer up into the 9K’s, in any other case I believe it is extra possible we observe yellow path.
I am ready for both situation; do not be that man that is overleveraged at resistance. pic.twitter.com/suJ70n2plR
— Bagsy (@imBagsy) February 10, 2020
LTC to Goal $100 in Subsequent 30 Days After Bouncing at Key Help
Along with seeing some beneficial properties towards its BTC buying and selling pair, analysts additionally anticipate Litecoin to see beneficial properties towards USD.
Satoshi Flipper, a distinguished cryptocurrency analyst on Twitter, spoke about this in a latest tweet, telling his followers that Litecoin hitting $100 is likely one of the best trades within the month forward.
“LTC/USDT to $100. One of many best performs subsequent 30 days,” he defined.
$LTC/USDT to $100
One of many best performs subsequent 30 days 🚀 pic.twitter.com/fseg9yzOWJ
— Satoshi Flipper (@SatoshiFlipper) February 11, 2020
It’s extremely possible that Litecoin will solely see such a upwards momentum if Bitcoin stays in agency bull territory, however additionally it is possible that the crypto will outperform BTC within the coming days and weeks.
Featured picture from Shutterstock.
