Litecoin price is targeting $ 300 as the analyst paints an optimistic picture

Litecoin hit an all-time high of $ 410 on May 10, but hit lows of $ 106 in July before the rebound eased at $ 230 in early September. An uptrend in crypto markets since late September has caused the LTC price to break above $ 280.

During that time, Litecoin has grown over 40% in seven days and more than 60% in the last 30 days. The 14th cryptocurrency has risen by more than 390% in the past year.

$ LTC eliminated two months of downtrend in just two days of uptrend

Welcome to Crypto # LTC #Crypto #Litecoin

– Rekt Capital (@rektcapital) November 9, 2021

Litecoin price could soar to $ 1000 this bull cycle

According to crypto analyst Michael van de Poppe, Litecoin’s bull cycle could include a big run towards a new all-time high. The analyst points out a possible spike in LTC in a YouTube video, which also predicts a bullish scenario for XRP.

Van de Poppe says he is “very optimistic about these older altcoins” and highlights their technical picture as a reason to be optimistic about new profits.

Specifically, when looking at Litecoin price movement, it reflects historical movements observed after prolonged downtrends. In one example, van de Poppe notes that LTC rose more than 400% after a major sell-off in 2015, repeating the outlook for subsequent bear markets.

The slowdown has led to new highs, even after a sharp drop from previous highs in 2017. The analyst believes that retesting and continuing current levels could push the bulls higher.

“If there is any expansion in Litecoin’s next bull cycle, we could see the Fibonacci expansion here again. And then the $ 1.618 is $ 600, and the second is likely to be chasing toward $ 1,000. “

The experienced trader Peter Brandt also predicts an upward movement for Litecoin in the short term, which gives him an outlook on the highs of 2021.

Litecoin $ LTC has passed September highs on rising volume and WBBs, so expect to retest the 2021 high at 395 or so.

– Peter Brandt (@PeterLBrandt) November 9, 2021

Litecoin is trading at $ 290 at the time of writing, up 17% on the day, and is looking to widen intraday gains towards $ 300.

Comments are closed.