Litecoin (LTC) Heads for $300 – $500 Possible?
Litecoin has been among the altcoins that traded with somewhat ugly actions since the May crash. The alt moved inside a constricted range under the 200 Simple Moving Average on the daily price chart since May. However, LTC tried to shift to bullishness for some sessions in September before failing miserably. Meanwhile, Litecoin trends at the moment as it see price rebirth. The altcoin has witnessed lucrative actions in the past 72hrs.
LTC Daily Price Chart Analysis
The weekly price chart shows that the 20 Simple Moving Average served as LTC’s support at 2021’s initial several months amid a bullish outlook. However, the Moving Average switched into resistance during September trading sessions as Litecoin’s price plunged under it. However, the 20-SMA turned into footing once more last month. That was when LTC/USD moved above the line before surging higher this week. If it maintains its current price movements, it will see new ATHs soon. Market professionals advise traders to hodl.
Why is Litecoin Surging?
One of the reasons triggering bullish sentiment in LTC is the impressive crypto market outlook as BTC and ETH move forward. LTC/USD appears to mimic the market leaders, though it had seen an exceptional performance this week.
Global inflation is another aspect catalyzing impressive actions in LTC. Market players witness somewhat exceptional inflation data that is devaluating fiat coins quickly. That has investors turning to digital cryptos n inflation hedges. Meanwhile, individuals appear interested in Litecoin adoption by retailers and consumers. Litecoin seems to have a future in the business space as its introduced LTC Visa debit card aims to ease everyday purchases.
On the other side, BTC saw extended retracements after touching an ATH near $69,000. The resistance at this price zone challenged the leading virtual coin as it failed to hit $70,000. However, various analysts believe BTC will rise towards $100,000 in the coming few weeks. Matthew Hyland trusts that BTC has the momentum to surge.
The analyst comments about 2017 bullish rin that had BTC rallying by 150% from $8,000 – $20,000 in about 22 days, from 24 November to 16 December. He says that the market might see similar actions in the days to come. If BTC enters this cycle after reaching $100, it may explode to $250,000 in 2022 January.
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