Given the rise within the worth of Litecoin, pseudonymous crypto trading professional Rekt Capital noted on November 23 that the month-to-month shut for LTC wants to carry above $67 for the cryptocurrency to proceed shifting increased in December based mostly on the earlier upside wicks:
“LTC upside wicks have gone as much as as excessive to the $85-$98 area (blue) earlier than finally rejecting there. Worth must Month-to-month Shut & maintain above $67 to maneuver increased subsequent month.”
“$LTC has a historical past of performing upside wicks (yellow circles) past the historic Accumulation Space (inexperienced) solely to reject deeper into that demand space. To substantiate a brand new macro uptrend, #LTC wants to remain above $67 after a Month-to-month Shut.”
On the identical time, given its bullish momentum, LTC/BTC commerce has damaged out from a macro downtrend courting again to January 2020.
Can Litecoin attain $100?
Elsewhere, outstanding crypto analyst Altcoin Sherpa noted that after flipping the 200-day exponential shifting common (EMA), the subsequent stage up for LTC could be $100 if it continues its upward momentum.
“$LTC: Ranges right here on HTF charts. Loopy strikes the previous few days, who would have thought #Litecoin would have any such success? 200d EMA flipped however some key ranges are right here. $100 could be subsequent lvl up if this continues strongly (nonetheless not shopping for right here tho)”
In the meantime, with the sudden surge within the asset, the crypto social intelligence platform identified that on November 22, social engagements reached their highest stage in over a yr:
“Litecoin social engagements measured each day hit 99.91M, the very best level in over a yr! It’s time to begin being attentive to LTC.”
Regardless of the curiosity across the asset, Finbold reported that the Litecoin neighborhood on CoinMarketCap stays bearish on the coin, projecting LTC will commerce at a median worth of $58.36 by December 31, 2022. At present, LTC is buying and selling at $10.23, up 11.2% within the final 24 hours, as per Finbold knowledge on the time of publication.
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