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.

???? $ LTC Realized price just hit a 3-year high of $ 129.65

Show measured values:https://t.co/jC3fFKAnR2 pic.twitter.com/xjYBplqkjP

– Glasnode warnings (@glassnodealerts) May 4, 2021

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.

???? $ LTC Transaction volume (7d MA) just hit a 4-month low of 359,724,204 LTC

Show measured values:https://t.co/KXefSK4Tsl pic.twitter.com/FTMVDsRauP

– Glasnode warnings (@glassnodealerts) May 4, 2021

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