Litecoin is currently trading at around $ 283 and is up 5.59% in the past 24 hours. LTC bulls are trying to keep key support level for the coin at around $ 257 in preparation for new momentum.
Light It Up: Litecoin Targets $ 420 To Take Vacation (Not As A Token)
LTC price had a difficult week, falling nearly 30% from its high of $ 333. A recent blackout at a mining center in China has put cryptocurrency markets in the red in recent days.
The intraday gains enabled the bulls to recoup losses incurred within the weekly timeframe. Crypto analyst Altcoin Sherpa says LTC could soar to a new all-time high of $ 420 given its bullish outlook.
LTC: Potential 50/200 bullish EMA crossing on the 1D for incoming BTC pairs, this would be a very significant IMO. I haven’t seen this since 2019. I’m still optimistic about Litecoin and think it will climb to $ 420, ”he tweeted.
If this view proves correct, LTC could see a nearly 52% increase over current price levels.
The technical view of LTC / USD on the 4-hour chart suggests an uptrend, although bears may still have a say given the long shadow on the current candle.
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However, the RSI has risen above the midline and is currently printing 52, while the MACD is strengthening after a bullish crossover.
As can be seen in the chart below, LTC / USD is gaining momentum, rising above the 100 SMA. The uncertainty now appears to be easing and the price is rising as the bulls seek to strengthen their position after rebounding from $ 257.
Litecoin is looking to light up the crypto market soon | Source: LTCUSD on TradingView.com
Alt Season could have arrived
As altcoins continue to gain momentum, it seems that investing in them could generate more profit than expected. With a three year wait for the altcoins to recover, those still holding will either try to sell, make more, or trade between the alts. In either case, we will likely consider moving in volume and increasing transactions on the networks.
Ethereum, Ripple, Litecoin, and Bitcoin Cash owners will be thrilled to see their investments spike over the next few months or years. Ethereum was up over 10 percent, while Bitcoin continued to move sideways with a one-leg and two-leg backward price movement. Bitcoin dominance continues to slide closer to 50%.
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Among the top DeFi tokens, Maker, Aave, UNI, SUSHI, and Bancor all recorded green candles. In particular, MKR recorded a new ATH value of nearly $ 5,000.
It is typical for the market to shift towards altcoins when Bitcoin dominates. In order for the alt season to begin fully, the analysts are waiting for Bitcoin to fall below a dominance of 50%. According to CryptoBull on Twitter, this is where the real magic happens.
Featured image from Pixabay, Charts from TradingView.com