- 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.
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.
If you love Stock To Flow, you will love Litecoin. It's trading at $99, but evidently the model "predicts" $3,000. pic.twitter.com/Gwun2OINFz
— Fred Krueger (@dotkrueger) March 12, 2024
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.