The Seventh most valuable asset in the crypto market, Litecoin increased by 22% in the past week. While Bitcoin is dangling below $19K, major altcoins are showing massive gains. XRP price outperformed BTC and ETH by rising more than 100% in a week.
The altcoins, however, have kept their recent momentum going and have reduced BTC’s dominance over the market to about 63%. At the time of writing, XLM is leading with 65% gains followed by XRP with 56% gains.
Analyst Predict LTC Price to Hit $100
The bullish trend was assumed after the breakout above the triangle pattern, and the cryptocurrency was able to continue this uptrend due to the ascension observed by Bitcoin and the crypto market.
As Per the analyst, the risk to reward ratio is not that good. The analyst also expects price turbulence near the $100 mark, but they believe that the cryptocurrency will eventually break towards the upside and move to $115.
on the other hand, looking at the William’s alligator indicator, the near-term bullish outlook remains in place while price trades above the $80 support level, which coincides with the 5-day moving average (green).
A failure to hold the $80 support level could see LTC performing a near-term price correction towards the $75 to $70 range for support. Dip-buyers will likely be lurking around the mentioned support region in expectation of renewed highs over the medium to long-term.
Litecoin Price Analysis
Litecoin has surged to a new 2020 trading high after breaking past the February 2020 high with relative ease. The strong bullish momentum LTC experienced last week could easily spill over into this week as institutional investors turn to the Bitcoin fork as an alternative investment.
At the time of writing, XLM is trading at $89.39 with a 2% spike. The altcoin is currently holding a market cap value of $5,862,443,426 with $8,382,693,143 trading volume.
Litecoin (LTC) is now trading above the USD 88.50 and USD 90.00 resistance levels. If the current price action stays intact, there are chances of a steady rise towards the USD 98.00 and USD 100.00 resistance levels. On the downside, the USD 88.50 and USD 86.50 levels might provide support.
Overall, Litecoin price was able to rise this much due to a strong support line that originated in September 2020, and it continues to rise towards the upside. If the cryptocurrency market continues to look good, the LTC price will hit the $94 mark soon.