- LTC’s price increased by more than 8% in the last seven days.
- Most metrics and market indicators looked bullish on the coin.
Litecoin [LTC] was back on the top 20 list of cryptos at press time. However, will LTC manage to hold its spot for a longer time, or will it slip under again? Let’s take a look at Litecoin’s price prediction.
A look at Litecoin
CoinMarketCap’s data revealed that LTC was up by more than 8% in the past seven days. In the last 24 hours, the coin witnessed a price rise of more than 1.5%.
At the time of writing, LTC was trading at $71.53 with a market capitalization of over $5.3 billion. Thanks to last week’s pump, the coin managed to reenter the top 20 list.
Apart from the rise in market cap, the bull rally also impacted the coin’s social metrics. For instance, AMBCrypto’s look at Santiment’s data revealed a spike in its social volume on the 16th of July.
Its Weighted Sentiment also increased during the same time period, reflecting a rise in bullish sentiment.
Source: Santiment
Apart from this, whale activity around the coin remained high, which was evident from its stable whale transaction count.
Similarly, the MVRV ratio increased in the last few days.
Source: Santiment
AMBCrypto’s examination of Glassnode’s data revealed that Litecoin’s price was resting below its possible market bottom of $81.9 for multiple weeks.
But the good news was that the gain gained bullish momentum and was approaching that mark at a fast pace. If the Pi Cycle Top indicator is to be believed, then LTC might touch $149 in the coming months.
Source: Glassnode
Litecoin price prediction
AMBCrypto’s analysis of LTC’s daily chart revealed that after a sharp increase, the token’s Relative Strength Index (RSI) dropped, hinting at 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 take over, then LTC would first support near $69 in the short term.
In the event of a continued price rise, it might first reclaim $73.
Source: Hyblock Capital
Is your portfolio green? Check the Litecoin Profit Calculator
AMBCrypto then checked LTC’s weekly chart to find out long-term targets. As per our analysis, it would be crucial for LTC to first go above $76 in order to sustain its bull rally.
A breakout above that would allow it to reach $91 before it reaches $113.
Source: TradingView
Credit: Source link