• 26 May, 2024
News

Litecoin Price Up by 5%; Further Upside Expected

Litecoin (LTC) is beginning to show signs of a strong uptrend following its successful retest of the top of the historical demand area as support. This technical event has allowed LTC to form a higher low, signaling that traders are increasingly bullish on digital assets. As this trend continues, analysts expect it could lead to a significant increase in price action.

The technical event of last week consolidates the mathematical evidence that LTC is starting to move upwards in its overall price chart, something that has already been seen in other major digital currencies such as Bitcoin and Ethereum. The current trend is showing that a breakout could be possible soon and with increasing trading volumes, there is potential for a significant upside in LTC.

In addition to the technical trend, it is important to note that LTC has seen strong support from investors. With prominent figures such as Twitter CEO Jack Dorsey and Tesla CEO Elon Musk has recently publicly endorsed Litecoin, there’s a strong belief that digital currency can continue to make gains. This sentiment could provide a boost for LTC in the months ahead.

Overall, Litecoin is showing strong signs of an uptrend following its successful retest of the top of the green historical demand area as support. With increasing trading volumes and strong investor sentiment, there is potential for a significant upside in the price action of LTC. Analysts are keeping a close eye on the developments in order to capture any potential gains.

LTC  Technical outlook?

The technical outlook for LTC is positive and suggests that the digital currency could continue its current uptrend in the coming weeks. On the daily and 4-hour charts, there is a strong uptrend line and an increasing volume of trading activity. This indicates that traders are increasingly bullish on this cryptocurrency.

Source: Tradingview

On higher time frames such as the 1-week and 1-month, there is a clear resistance area where LTC could potentially reach before retracing or consolidating. If this resistance is broken, it will signal further upside for the crypto asset in terms of price action.

Overall, analysts suggest that LTC has strong potential to continue its current uptrend in the near future. With the increasing trading volume and strong investor sentiment, there is potential for a significant upside in the price action of LTC. Analysts are keeping a close eye on the developments in order to capture any potential gains.

At press time LTC is currently trading at $74.45, and it is up by 5% in the last 24 hours. The coin’s market cap is $5,005,368,653 USD with a 24-hour volume of $344.59M. According to the analysts at Crypto Briefing, the recent surge in LTC price can be attributed to new investor interest as well as its increasing adoption by major corporations. They further forecast that the coin could hit $100 in the near future if it continues on its current uptrend.

Conclusion

In conclusion, Litecoin is exhibiting strong technical patterns and investor sentiment is high which suggests that there’s potential for a significant upside in price action. Analysts are keeping a close eye on the developments and the coin has the potential to reach $100 in the near future if it continues on its current uptrend. However, investors should exercise caution as markets can be volatile and unpredictable.

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