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HomeNewsLitecoin Makes Strides: LTC Price Hits $100 Again, Potential for $125 Test...

Litecoin Makes Strides: LTC Price Hits $100 Again, Potential for $125 Test Looms Large

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  • Litecoin showcases significant growth, testing major resistance after a 40% monthly increase.
  • Fred Krueger’s tweet hints at a bullish future for Litecoin, predicting a potential rise to $3,000 based on the Stock To Flow model.

Litecoin (LTC) has made a significant comeback, capturing the attention of investors and traders alike. Over the past 24 hours, LTC has experienced a noteworthy increase of 13.5%, contributing to a substantial 40% gain over the last 30 days.

This upward trend has propelled Litecoin to retest a major resistance level, signaling a robust bullish momentum in the crypto space.

From Sideways Trading to a Surge in Volatility

For months, the price of Litecoin hovered within a constrained range, specifically between $67.43 and $71.90. This tight trading band indicated a balance between buying and selling pressures, reflecting a market in consolidation.

However, as market volatility picked up, Litecoin’s price leaped by 18.5%, marking the beginning of a significant shift in market dynamics.

The subsequent phase saw Litecoin trading under a bullish influence, with the price soaring by 31.69% within just three days. Despite this impressive rally, the ascent was halted at a resistance level of $94.69, leading to a period of sideways movement. This was followed by a correction, with Litecoin experiencing a 15.52% decrease in value.

Source: TradingView

Yet, the resilience of the bulls was evident as Litecoin bounced back from a low of $77.29, eventually leading to a remarkable surge of 21.43%. This surge, however, faced resistance at $105.05, and the market has since been under a bearish influence, testing crucial resistance/support levels.

Technical indicators, such as the Moving Average Convergence Divergence (MACD), reveal a decline in the green histogram, suggesting an increase in selling pressure. The averages also show a flattening trend, pointing to prevailing market uncertainty about Litecoin’s future price action.

Previously, in a testament to the enduring faith of its community, Litecoin HODLers have demonstrated remarkable resilience, with the average holding time now exceeding two years, showcasing their unwavering commitment to the cryptocurrency’s long-term potential, as previously reported by ETHNews.

To explore more details about this development, you can watch the following YouTube video.

Bullish Prediction for Litecoin

In the midst of this market activity, a tweet from renowned crypto investor Fred Krueger has sparked further interest.

It has fueled speculative excitement around Litecoin’s potential. This reference to the Stock To Flow model, which is often used to predict the price of assets based on their scarcity, suggests a bullish outlook for Litecoin, projecting a significant upward trajectory.

At the time of writing, the price of LTC has risen 3.27% in the last 24 hours, reaching a price of $97.76. This represents an increase of 8.70% over the past 7 days.

Disclaimer: ETHNews does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to cryptocurrencies. ETHNews is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned.
Syofri
Syofri
Syofri is an active forex and crypto trader who has been diligently writing the latest news related to the digital asset sector for the past six years. He enjoys maintaining a balance between investing, playing music, and observing how the world evolves. Business Email: info@ethnews.com Phone: +49 160 92211628
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