The price of Litecoin (LTC) has been on the rise, reaching $110 on Friday, the highest level in over nine months. This marks a significant increase for the popular cryptocurrency, and according to a well-known crypto analyst, it may signal the end of the macro-downtrend for LTC.
In the past month, LTC has seen a 15% increase in value, struggling to surpass the psychological barrier of $100. However, with its recent surge, analysts are predicting even further gains. According to the analyst, if LTC can maintain a close above $122, it could continue to see significant price increases.
This sentiment is shared by other analysts, who have noted that LTC could consolidate around $94 amid a macro uptrend. The breakout on Friday is seen as a positive sign for the crypto market, which has been on a bullish trend in recent weeks.
Adding to this positive outlook is the news that Coinbase is looking to add Litecoin futures trading and the CFTC’s recognition of LTC as a commodity. These developments have also contributed to the growing sentiment that LTC is a cryptocurrency to watch.
As the halving of Bitcoin looms, there is also speculation that LTC may see even more gains. This is due to the strong correlation between BTC and LTC, with the potential for Bitcoin’s price to explode in the coming months.
In conclusion, Litecoin’s recent price increase and positive developments in the crypto market have many analysts and investors optimistic about its future potential. Whether LTC will continue on its upward trend remains to be seen, but it is certainly a cryptocurrency to keep an eye on.
