How Quickly Will LTC Reach $113 Again?
Financial Analyst
- The price of LTC has increased by more than 8% in the last seven days.
- Most metrics and market indicators were in favor of the coin.
Litecoin [LTC] was back in the top 20 list of cryptocurrencies at press time. However, will LTC manage to hold on to its place for longer or will it slip again? Let’s take a look at the Litecoin price prediction.
A look at Litecoin
CoinMarketCap data revealed that LTC has increased by more than 8% in the last seven days. In the last 24 hours, the coin saw a price increase of more than 1.5%. At the time of writing, LTC was trading at $71.53, with a market cap of over $5.3 billion. Thanks to last week’s upswing, the coin managed to re-enter the top 20 list.
Apart from the increase in market cap, the bull rally also affected the coin’s social metrics. For example, AskFX’s examination of data from Santiment revealed a jump in social volume on July 16.
Weighted sentiment also increased during the same period, reflecting an increase in bullish sentiment.
Source: Santiment
Apart from that, whale activity around the coin remained high, which was evident from the stable number of whale transactions.
Likewise, the MVRV ratio has been increasing over the past few days.
Source: Santiment
AskFX’s examination of data from Glassnode revealed that Litecoin’s price was trading below its possible market low of $81.9 for several weeks.
But the good news was that the rise was gaining bullish momentum and was quickly approaching that mark. If the Pi Cycle Top indicator is to be believed, LTC could hit $149 in the coming months.
Source: Glassnode
AskFX’s analysis of LTC’s daily chart revealed that the token’s Relative Strength Index (RSI) fell after a sharp increase, suggesting a price correction. But its MACD continued to support the bulls.
Source: TradingView
We then planned to take a look at LTC’s liquidation heatmap to find out the short-term targets for LTC. If the bears gain the upper hand, LTC would initially find support at $69 in the short term.
In case of further price increases, it could initially reclaim $73.
Source: Hyblock Capital
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Litecoin Profit Calculator AskFX then checked LTC’s weekly chart to find out the long-term targets. According to our analysis, it would be crucial for LTC to initially rise above $76 to sustain its bull rally.
A breakout above it would allow it to reach $91 before hitting $113.
Source: TradingView
