Litecoin Is Trading Above Key Levels, But Could a Correction Be Imminent
“`html
Author
Published on:
- Long-term investor confidence in Litecoin has been notably increasing recently.
- A specific metric suggests that LTC might be overvalued, indicating a potential price correction. ="">
As the market sentiment shifted to bullish,
Litecoin successfully traded above a significant threshold. Will this enable LTC to embark on its journey towards $100 with this recent development? We will closely examine the coin to determine if that is feasible.
LTC bulls enjoyed an impressive week as the coin’s price surged by over 3%. This upward momentum persisted over the last 24 hours with an additional increase of approximately 3%.
At present, LTC is trading at $65.58 and possesses a market cap of $4.9 billion, positioning it as the 19th largest cryptocurrency.
Despite this price rise, only about 22% of Litecoin holders are currently profiting according to data from
IntoTheBlock..
This trend may alter if the coin successfully tests and holds a pivotal support level.
Renowned crypto analyst Crypto Tony recently tweeted that
if LTC can test its support securely,
it could trigger a recovery in prices pushing them toward the resistance level around $100 within days or weeks ahead.
ñ>.
“`
