The rising trend of Bitcoin could lead to significant rebounds in certain altcoins. One of these is among the top 20 altcoins, especially as investor risk appetite is anticipated to rise as we approach August. But which altcoin sees increased rise expectations? What lies ahead for investors? Here are all the details, targets, and current data that investors are eager to know.
Litecoin Commentary
The price of Litecoin (LTC) once again surpassed the critical $90 resistance level over the weekend. Even though BTC experienced an approximate loss of $800 at the time of writing, the price continues to stay above this level. Despite the ongoing sales by Litecoin miners, LTC has managed to trade above $85 for a consecutive 14-day period. We had previously mentioned that miner sales were notably high as the halving date approached. Regardless, the price of Litecoin remains strong.
There is a growing demand for LTC Coin among market participants, especially individuals. This is evident from the trading volume that has doubled in the past month.
The trading volume rose from $758.4 million on April 30 to $1.38 billion on May 27.
LTC Coin Price Prediction
While the increase in trading volume was around 82%, the price rose by 4%. However, in the past, we observed a more harmonious movement between the two. Accordingly, the overall negativity in the crypto markets might have significantly suppressed the LTC price. The NVT ratio also suggests that the price is below its expected level. Investors use this data to understand if an altcoin is cheap.
The current outlook for LTC Coin suggests a potential test of the $100 level in the short term. However, IntoTheBlock’s In/Out of The Money Around Price (IOMAP) data shows that LTC might encounter a strong resistance around $96.
Around 170,000 investors who bought 2.15 million LTC could generate selling pressure in this region. However, if this region is surpassed, a faster recovery towards the $100-$105 targets draws attention.
Yet, if LTC unexpectedly loses the critical $90, the bears could negate Litecoin‘s bullish prediction. In this process, it would be necessary for the BTC price not to close below $27,500.
