The Litecoin bulls prepare to gain momentum as the coin is currently trading at around $283 as it gained 5.59% in the past 24 hours. The Litecoin bulls prepare to breach the key support level at $257 and gain fresh momentum as we are reading more in our latest Litecoin news today.
LTC’s price had a rough week as it fell nearly 30% from its high of $333. The recent mining center blackout in China left most markets in the red these past few days. The intraday gains saw bulls recover losses incurred in the same week and the crypto analyst Altcoin Sherpa said that LTC could surge to a new all-time high of $420 given by the bullish outlook:
“LTC: Potential 50/200 bullish EMA cross on the 1D for BTC pair incoming, this would be very significant IMO. Haven’t seen that since 2019. I’m bullish on Litecoin still and think it’s going to go to $420.”
If this turns out to be correct, LTC could see a rise to about 52% from its current price level. The technical view for LTC/USD on the 4-hour chart suggests that there’s a bullish flip even though the bears could still have a say given the long shadow on the candle. However, the RSI climbed above the middle line and prints 52 while the MACD is improving after the latest bullish crossover.
As it can be seen on the charts, the LTC/USD pair is gaining momentum and increases above the 100 SMA. The uncertainty is seemingly resolving with the price heading upwards as the bulls seek to strengthen their positions after bouncing off the $257. With the altcoins continuing to gain momentum, it seems that investing in them could yield more profits than expected. With the three-year wait for the altcoins to rally again, these still holding will either make a move to sell or gain more or ultimately, trade amongst the altcoins. Either way, we are waiting for a shift in volume and transactions across the networks to increase.
The holders of Ethereum, Litecoin, ripple, and Bitcoin Cash will be excited in the next few months to see their investments double. ETH gained 10 percent while BTC continues to move sideways and its dominance continues sliding closer to 50%. Among the top Defi coins, Aave, Uni, Sushi, Maker, and Bancor all recorded green candles with MKR recording a new ATH Value of almost $5,000.
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