Litecoin Price May Hit $600 Soon
With the Grayscale purchasing an immense amount of LTC, the Litecoin price spiked massively since the early trading hours. The huge influx of trading volume initiated an uptrend that led the price close to $200, yet followed by a slight pullback.
Litecoin is among the crypto assets that trend sideways and sometimes shedding off the profits also for quite a long time. And further, get a magic boost to rally 3x in just a weeks time. However, despite having a huge potential, LTC is still awaiting such a boost that could rally towards new ATH.
Most of the crypto assets in the space have rallied like a monster and smashed new ATH amid the current bull run. Nevertheless, Litecoin is still lagging behind and according to analysts DaytradeJeffrey, the LTC ATH is overdue. Moreover, the analysts have set a target at $600 for the LTC price.
LTC Price Analysis
The litecoin price initiated a bullish trend post a bearish monthly close. The price rose notably including slight pullbacks. However, the price surged magnificently since the ear;y trading hours gaining nearly 15% from the previous day’s loss.
The price, however, broke the bullish trend line and surged hitting close to $200, yet experienced a slight pullback that dropped the price below $195. Interestingly, the price is yet again gaining momentum to break the trend line yet again.
At the time of writing, the Litecoin price is $195.86 with a significant surge of nearly 7.50% in the past 24 hours. Currently, it is important for the price to close the trade for the day above $195 levels to keep surging high.
Technical Specifications:
- The resistance levels stand in between $204 to $209 levels
- The support levels are formed around $171
- The technical indicators for litecoin price point out towards a ‘buy’ signal