Litecoin (LTC), one of the oldest and most popular cryptocurrencies, has significantly exhibited an increase in its price and market capitalization in the past few days. The coin, which is often referred to as the silver to Bitcoin’s gold, has gained more than 10% in the last week, reaching a high of $101.29 per LTC on Thursday.
The rally comes amid positive sentiment in the crypto space, as many investors and traders anticipate a market reversal after a prolonged bearish trend. One of the most influential voices in the crypto community, Michaël van de Poppe, has recently expressed his bullish outlook on Litecoin and other altcoins.
In a recent tweet, the popular crypto analyst van de Poppe shared insights on the reversal of markets and discussed the future prospects of Litecoin:
Markets are reversing.
— Michaël van de Poppe (@CryptoMichNL) July 13, 2023
Let's continue on #Litecoin. pic.twitter.com/tRFfJZ9uU2
The analyst also revealed his technical analysis of the LTC/USD pair, which showed a bullish scenario for Litecoin. According to his chart, Litecoin could break above the resistance level of $100 and continue its upward trend.
Litecoin is currently ranked as the 10th largest cryptocurrency by market capitalization, with a value of over $7 billion. More than 3,000 merchants and stores accept it as a form of payment, making it one of the most practical and accessible digital currencies.
LTC (Litecoin) has shown a significant upward movement recently, with a notable increase of 4.58% in its price. From a technical standpoint, the indicators present a mixed picture. The oscillators are generally neutral, indicating a lack of strong momentum in either direction. However, the Moving Averages suggest a bullish sentiment, with multiple buy signals across different timeframes.
The MACD is currently flat, with its signal line also trading near the center of its range. This suggests that the current price action is likely to stay relatively high in the short term. The RSI has slightly risen from oversold levels and is currently at 53. This indicates a slightly bullish bias, although it’s far from an extreme position.
The trend on the hourly chart is up, with Litecoin forming higher highs and higher lows. The 50 MA has crossed above the 200 MA, indicating a potential reversal of the current downtrend. If this holds, LTC might soon move towards key resistance levels at $197 and $200.
As the crypto market shows signs of recovery, Litecoin might be among the best performers in the coming weeks and months. According to Van de Poppe, Litecoin could reach new highs if it breaks above the $140 level, opening the door for further upside potential.
