The Price of Litecoin Can Rise by 22%, but Only if This Happens
Journalist
- Liquidation levels showed a bearish sign, but $599,660 could be lost if LTC hits $91.78.
- A falling and rising price suggested a decline towards $85.40.
Analyst Rekt from Rekt Capital says Litecoin is expected to grow by a staggering 80% over the next five years. [LTC] The price could continue to rise in the next few weeks.
The analyst wrote this on X, formerly Twitter. He noted that the successful retest of the macro downtrend over a period of several years is a signal that the price of LTC may rise.
According to the chart he provided, the altcoin could see a jump of 22.72%. If this is true, Litecoin could reach $110. LTC was trading at $89.74 at press time. This represents an increase of 27.99% in the last 30 days.
In the last 24 hours, the price of the cryptocurrency has also increased.
Litecoin could see a potential jump of 22.72%
However, AskFX has decided to investigate the probability of the price rising to the forecast levels. To get a better idea, Hyblock’s liquidation level indicator was used.
This indicator shows the price levels at which major liquidation events are likely to occur. A trader’s ability to predict other traders’ liquidation levels could give them an advantage.
At the time of writing, the liquidity cluster was between $90 and $93. This suggests that LTC could be moving towards this region. If the price reaches this level, many shorts could lose their positions.
The Cumulative Liquidation Levels Delta or CLLD showed a different signal. If the CCLD shows a positive value, it means that long liquidations have occurred.
A negative value of CCLD indicates short liquidations.
Source: Hyblock
At the time of writing, the CCLD remained positive. This creates a negative bias for the price as Litecoin could undergo a full retrace and erase its recent gains.
If this is true, the price of the cryptocurrency could make new lows and then rise towards $110.
Major liquidation is anticipated
We also looked at the liquidation heatmap. Coinglass says many positions are at risk of liquidation if LTC rises.
For example, if the price reaches $91.78, $599,660 worth of contracts will lose money. If the price rises to $93.07, liquidations in this zone on Binance will be worth $128,200.
Source: Coinglass
Santiment volume data showed an increase. At press time, LTC volume reached 638.83 million.
The price of altcoins has fallen in the last hour. Price and volume decrease. This means that the previous upswing was not as strong.
The value of Litecoin could decrease. LTC could drop to $85.40 in the near term.
Is your portfolio in positive territory? LTC Profit Calculator
The prediction does not guarantee that the coin will avoid a short-term rise. If a wave hits LTC and the price returns to the $100 area within a short period of time, it could be due to an increase in buying pressure.
Otherwise, a decline could be imminent.
Source: Santiment
