Cryptocurrency market movements have enabled many altcoins to achieve notable rises. These increases have brought gains of up to 1000 percent. Yet, some cryptocurrencies have not fully sprung into action, one of which is Litecoin. Now, there is talk of a 30% potential increase in the price of Litecoin.
Growth Expectations for Altcoin Litecoin
The cryptocurrency Litecoin (LTC) is entering an exciting period. LTC, which has shown strong performance in recovering from recent losses, is now preparing to tackle two critical barriers ahead.
Since March 2022, the silver Bitcoin Litecoin has formed three lower high points and is currently trading below the trend line connecting these swing points. LTC is also trading below the psychological level of $100, struggling to overcome these two barriers.
Momentum indicators, the Relative Strength Index (RSI) and Awesome Oscillator (AO), are above their respective average levels of 50 and 0. This indicates a market dominated by buyers.
What Levels Are Expected for Silver Bitcoin Litecoin Price?
Therefore, if the Litecoin price maintains its upward momentum and overcomes the $100 resistance level, it could signal the entry of opportunistic buyers and potentially the start of a rally. The weekly high of $119.84 will be a target for some of these buyers to realize potential profits.
This movement in the altcoin Litecoin price represents a 30% increase from its current position. However, a drop in the support level to $76.78 could invalidate the upward thesis.
Conversely, the bullish outlook for silver Bitcoin Litecoin could be invalidated if the flagship of cryptocurrencies, Bitcoin, triggers a steep correction. In such a case, the altcoin Litecoin price could revisit the support base of $75.78.
Breaking this level would create a lower low and invalidate the bullish thesis. Such a development could potentially lead to altcoin LTC dropping to about $53.83, which is roughly 30% lower than $75.78. Looking at the silver Bitcoin Litecoin price while writing this article, we see that the price is trading just below $90, at $89.20.
