A trader and analyst by the name of Christopher Inks predicted in a tweet published this morning that Litecoin (LTC) is ready to pump in the next few weeks. In the post, he shared that the altcoin’s price is “primed to challenge the highs at ~$400.”
According to the trader, a breakout above $110 would mean that LTC would at least climb to around $129.441 in the weeks that follow. He added that this target is around the first weekly resistance level’s pivot area. Meanwhile, at press time, the altcoin was changing hands at $92.52 after it gained 1.78% in the past 24 hours according to CoinMarketCap.
This recent gain has added to LTC’s already-positive weekly price performance – pushing the total gain for the past 7 days to 14.14%. In addition to gaining against the Dollar, it was also able to strengthen against the two market leaders Bitcoin (BTC) and Ethereum (ETH) by 1.28% and 1.76% respectively in the last 24 hours.
Daily chart for LTC/USDT (Source: TradingView)
Last Wednesday, LTC’s price had broken above the $91.56 resistance level and closed the day’s trading session at $93.88. The next day, however, the altcoin’s price dropped back below $91.56 to close at $90.43. It was then able to recover yesterday to close back above the level at $92.42.
Today will be a crucial indication of whether or not LTC’s price will continue to rise in the next 24-48 hours. A close above $91.56 will flip the level into support and clear a path for it to climb to $100.89 in the next couple of days. Conversely, a close today below $91.56 may put the altcoin’s price at risk of dropping to the 20 EMA line at around $87.73.
A confirmation of the bullish thesis will be if LTC’s price is able to break above $94.89 within the next 48 hours. On the other hand, an early sign of its price potentially dropping to the 20-day EMA line will be if $91.56 is breached during today’s trading session.
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The post Trader Predicted LTC May Post Near 4X Gains in the Next Few Weeks appeared first on Coin Edition.
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Source: Cryptocurrency - investing.com
