Despite the hesitation of some cryptocurrency investors, <a href="https://en.coin-turk.com/cryptocurrency-analyst-predicts-prolonged-downtrend-for-bitcoin-btc-after-testing-key-price-range/”>BTC has experienced a rapid increase, approaching $10,000. This increase does not resemble the 30% declines that followed the previous 20% rise. Moreover, as institutional demand continues to rise, individual investors are also joining the rally. In fact, at the time of writing, the price of BTC was aiming for $38,000.
Litecoin (LTC) Analysis
With buyers resuming their purchases and accumulating BTC rapidly, the king of cryptocurrencies climbed up to $37,750. This exciting rise is tantalizing altcoin investors. Furthermore, the fact that BTC is still creating new peaks despite the passing weeks increases hopes.
However, LTC, which has been in the lives of cryptocurrency investors for years, has not benefited from the rally as expected. On the weekly chart, we see that the Litecoin price has been stuck between $60 and $100 since November 2022. It reached its peak during the halving period, and strong sales afterwards pushed the price to the bottom.
Despite the post-halving decline, the popular cryptocurrency rebounded from the support area at $56. Moreover, the RSI is just above the neutral zone, and further increases can strengthen the rally momentum.
Litecoin (LTC) Price Prediction
Due to the rapid rise of BTC, it will eventually need to consolidate, and if it can do so above $38,400, altcoin investors may see triple-digit price increases. An interim rally with price increases of over 100% would not be surprising in this scenario.
Regarding LTC, the daily chart has started to give bullish signals earlier than the weekly chart. The RSI confirms the upward movement, and although the price is not increasing at the desired pace, it is still rising. We can see that LTC broke out of a declining resistance trend line on September 29, confirming the end of the correction after the halving.
On November 6, we saw that the strong resistance level of $70 was also surpassed. Crypto analyst known as SantoXBT wrote that the recent breakout could quickly push the price to $80. If it can achieve this, the $93 level may also be surpassed.
Despite the bullish prediction, closings below $70 will bring the $60 support level back into focus. Closings above $93 for LTC can turn the $120 and $150 targets from dreams into reality, and the current outlook at least temporarily supports a triple-digit price expectation.
