This Analyst Predicts Massive Litecoin Rally And Mental Impact On Non Holders

Wednesday 05 May 2021, 7:23 AM AEST - 1 week ago

Litecoin goes against the general market sentiment with a 24.5% and 57% rally in the higher timeframes. At the time of writing, LTC trades at $316 with 4.8% profits in the daily chart.

Anonymous trader Julio_LTC has set support for LTC at $280 with a price target set at $330. The operator is bullish as LTC climbed in the Relative Strength Index (RSI), a measure used to assess price momentum, in the lower timeframes. If the price action gets invalidated $218 could operate as critical support, as shown below.

LTC seems to be correlated with Ethereums performance rather than Bitcoin, as usual, according to the trader. Therefore, Litecoins rally could experience a cool-off or further appreciation if ETH leads the price action. If LTC hits its target, it could see stronger momentum towards a higher price. The trader added:

I dont believe well see $7000+ this year but I do believe $LTC can go into the $3000-$5000 range. #LTC is a late game player.

Trader Crypto Tony is equally bullish after LTC broke the $289 resistance. The trader said:

Litecoin is going to run so hard it is going to mentally affect those left behind. Bags are packed and ready for launch. The BTC pair tells a story and I want us all to be a part of that story

Litecoins Fundamental Signal Potential Bullish Momentum

Data from Glassnode indicates that Litecoin has reached a 3-year high Realized Price at $129.65. Similarly, LTCs Realized Market Capitalization stood at an all-time high with $8,7 billion.

📈 $LTC Realized Price just reached a 3-year high of $129.65

View metric:https://t.co/jC3fFKAnR2 pic.twitter.com/xjYBplqkjP

— glassnode alerts (@glassnodealerts) May 4, 2021

On-chain activity has been showing ambiguous signs w ...

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