Bullish Reversal Eyes for LTC Price to Hit $100?
Highlights of history
The price of Litecoin increased by ~7% in 24 hours, regaining the $90 mark. Technical indicators record positive price action, indicating further growth. Continued bullish sentiment could push the altcoin towards $100 this weekend.
After registering bearish price action this week, the price of Litecoin experienced a strong bullish recovery. Moreover, with this altcoin retesting the $90 mark, the market is highly expecting this project to achieve its long-term $100 price this month.
Will the price of Litecoin reach $100 this weekend due to the increasing price volatility in the cryptocurrency market? Or will the price experience another reversal? In this article, we have covered the possible short-term prospects of the Litecoin (LTC) crypto token.
LTC Price Records Strong Bullish Reversal!
Litecoin price maintained its strong price action, adding 6.83% to the portfolio in 24 hours with a trading volume of $1.264 billion. Moreover, with a market value of 6.722 billion dollars, it surpassed the value of Aptos to occupy the 22nd place in the market.
The Relative Strength Index (RSI) has recorded a significant change in positive consolidation experience along with the average trend line. This indicates an increase in overbought and oversold for the Litecoin price in the market.
The EMA shows the 50/200-day golden cross in the daily time frame. This suggests that the LTC coin price may continue to appreciate in the near future.
Will Litecoin Price Reach $100 This Week?
If the bullish sentiment continues, LTC price will retest the $90 resistance level. Moreover, if the bulls dominate the crypto space, this altcoin may head towards the target price of $100 this month.
On the flip side, if a bearish trend reversal occurs, the Litecoin token will retest the $80 support trend. Moreover, if the bears outnumber the bulls, the altcoin will fall to the lower support level of $67.50 in the coming period.
Want to know the long term options of this altcoin? Read CoinPedia's Litecoin price forecast and also subscribe to us to keep up with the latest crypto news!
Questions to be asked
To hit this target price, LTC price needs to increase by 461.46% from the current valuation.
With ~30% monthly growth, this altcoin promises positive long-term price action.
Considering the current market sentiment, LTC price could reach $500 by 2030.
