The cryptocurrency market is on a green wave as most of its assets are recovering from a crisis triggered by the collapse of FTX, once one of the largest cryptocurrency exchanges in the world, with Litecoin (LTC) posting particularly big gains and showing bright signs. the future.
Specifically, the Litecoin price hikes in recent days are an indication that the decentralized finance (DeFi) token may secure a rally towards $100, according to tweet By a pseudonymous cryptocurrency trading expert Bitcoin Paul on December 5th.
As the cryptanalyst explained:
“LTC managed to break through the ascending channel, stalled for a few days, and is now bouncing again. Targeting range is between $90 and $100.”
In addition, three weeks ago, Litecoin recorded the highest amount of idle tokens transferred in four years and a decrease in the aging of average token investment, which is “a component of bullish breakouts,” according to the cryptocurrency market intelligence platform. feelings notice In a tweet on Dec. 5.
Litecoin price analysis
Meanwhile, Litecoin is seeing gains on all its charts, trading at $83.60 at press time, which is up 9.42% on the day, 15.85% over the week and 21.54% over the past 30 days, with $6 billion. market cap.
Through the price action, Litecoin confirmed analysts’ previous predictions of an uptrend and then some. truly, direct capital It is estimated that LTC will need to close November above $67 and hold above that level “to rally next month,” Coinphony reported.
Despite the optimism shown by analysts and chart patterns, the cryptocurrency community is in action CoinMarketCap It shows a bearish view on Litecoin on December 31, 2022, estimating that it will trade at an average of $62.29, which is over 25% below its current price although it is more positive than its previous forecast reported by Coinphony.
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Beyond Litecoin (LTC) targets $100 after successful first-time hack on Coinphony.