Categories: Blockchain

Anticipating the massive Litecoin price rally will result in a huge FOMO match for the stragglers

Litecoin price is currently bucking general market sentiment with gains of 24.5% and 57% over higher time periods. At the time of writing, LTC is trading at $ 329, up 17% over the past 24 hours.

Anticipating the massive Litecoin price rally will result in a huge FOMO match for the stragglers

LTC keeps reaching new highs in the daily chart | Source: Tradingview

Professional cryptocurrency trader Julio_LTC has placed support for LTC at $ 280 with a price target of $ 330. If the price action expires, $ 218 could serve as critical support.

LTC with support at $ 280 and a target price of $ 330 | Source: Julio_LTC

According to this trader, LTC appears to be more closely correlated with Ethereum’s performance than Bitcoin. Hence, Litecoin’s bullish momentum could cool or increase further if ETH continues its uptrend. If LTC hits its target there could be more momentum towards a higher price.

Trader Julio said:

“I don’t think we’ll see a price higher than $ 7,000 this year, but I do believe LTC could get in the $ 3,000-5,000 range. #LTC is a latecomer.”

Professional crypto trader Tony is equally bullish after LTC broke the USD 289 resistance.

This trader said:

“Litecoin will be so active that it will affect the morale of those left behind. The luggage is packed and ready to go. The BTC / LTC couple is going to tell a legendary story and I want us all to be a part of it. “

Litecoin Basics: Potential Upward Momentum Moment

According to Glassnode, Litecoin has hit a 3-year high of $ 129.65. Likewise, LTC’s actual market capitalization is at an all-time high of $ 8.7 billion.

On-chain activity has shown mixed signs of Litecoin’s network trading volume at a 4-month low of 359,724 LTC. However, the number of receiving addresses reached a monthly high of 12,771 addresses on May 3rd.

According to additional data from IntoTheBlock, the In / Out of the Money Around Price (IOMAP) indicator, which shows how Litecoin’s price distribution has seen potential price support at $ 259 and $ 269, with over 5.96 million LTC from 103,000 Addresses at these levels were purchased.

Source: InthoTheBlock

As the graph shows, a rebound in LTC could face major resistance at $ 314, $ 322, $ 332, and $ 340, and as mentioned, investors should keep a close eye on ETH performance for a breakout . For now, Ethereum’s momentum seems to be cooling off, but there is still potential for another bull run.

Veronica

According to the AZCoin News

Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page

CoinX

Recent Posts

Bitcoin Spot ETF Outflows Reach Second Highest in History

Bitcoin Spot ETF Outflows hit $541M on November 4, the second-highest single-day outflow in history.…

3 hours ago

PropiChain’s Token Presale Turns Heads as the First DeFi Platform to Merge NFTs with AI 

The hype around PropiChain’s token presale is due to its innovative integration of NFTs and…

5 hours ago

UK Pension Fund Cartwright Encourages 3% Allocation to Bitcoin Investment

UK pension fund Cartwright advised the country's first defined benefit pension fund to allocate 3%…

7 hours ago

Crypto PAC Fairshake Continues to Boost 2026 Election With Support from a16z

a16z and Coinbase have pledged substantial funds to crypto PAC Fairshake, aiming to support crypto-friendly…

8 hours ago

Bitcoin, Ethereum, And Solana Lead Crypto Market, But Not For Long With New AI Altcoin With 30,000% Potential, Expert Says

Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) dominate the crypto market, but experts warn that…

11 hours ago

Dogecoin Price Prediction: Will DOGE Ever Hit $0.7 Again? Why ETFSwap (ETFS) Is The Best Alternative For 100x Gains

Discover the future as the Dogecoin price aims for a $0.7 comeback and discover why…

14 hours ago

This website uses cookies.