Crypto Analyst Puts Litecoin Price At $84, Here’s The Timeline
11 Octubre 2023 - 6:30AM
NEWSBTC
Since its third halving event was successfully completed in early
August, the Litecoin price has fallen off the radar of crypto
investors. This was mainly due to the price decline that LTC
experienced after heavy profit-taking from investors who had
invested leading up to the price surge triggered by the
expectations around the halving. But it seems the tides are finally
turning for the coin as one analyst predicts a more than 30%
increase in price going forward. Litecoin Price Shooting For The
Stars The current crypto market headwinds seem to be working in
favor of the Litecoin price which one crypto analyst believes is
gearing up for a run-up to $83. In the post, the pseudonymous
analyst identified as P_S_trade points to the possibility of the
crypto market continuing its growth trend. However, this would be
null and void if the crypto market were to reverse back below
$27,000. Related Reading: No Love For FTX: Ex-Girlfriend Delivers
Scathing Testimony Against Sam Bankman-Fried For Litecoin, the
analyst points out that the altcoin has usually been the first to
start to see an upside in the crypto market. But this has not been
the case, as previously mentioned since high levels of
profit-taking have affected the LTC price. LTC chart shows runup to
$84 | Source: TradingView.com Even from the current level, the
analyst’s chart points toward a possible retracement from here back
down to $55. However, once this is completed, the bounce-off from
there shows LTC reaching as high as $77 before succumbing to
another correction. This decline is also similar to the first
instance where it falls to $55 in the fact that it signals another
price surge. Following this second correction, the analyst puts the
bottom somewhere around $67 before Litecoin continues its ascent
once more. The top of this second rally then lands just above $84
on the chart. Although there is no official timeline, the range of
trades mentioned by the analyst is the medium term, which could see
this run out for a couple of months. LTC price holds shakily at $62
| Source: LTCUSD on Tradingview.com LTC Daily Transactions Continue
To Decline While the analyst foresees Litecoin price to surge,
other metrics could be pointing in the opposite direction. For one,
the daily transaction numbers for the altcoin have been steadily on
the decline since the halving event in August. Related Reading:
Here’s Why The Ethereum Price Fell Toward $1,500 According to data
from BitInfoCharts, the number of daily LTC transactions has fallen
from over 584,000 in May to just shy of 104,000 transactions by
Tuesday, October 10. This points to a lack of interest from
investors usually brought on by bear market headwinds.
Additionally, the daily transaction volumes, as shown by the token
tracking website CoinMarketCap, show a 13.26% decline in the daily
trading volume of Litecoin. These bearish metrics could thwart
chances of reversal. However, they could also signal the bottom
that triggers the start of another rally. Featured image from
CoinMarketCap, chart from Tradingview.com
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