Litecoin token price has reached its all-time high since June 2018, quickly closing through its $185 resistance; however, the experts believe that the price correction would happen anytime soon.
Litecoin has rallied in recent times and reached around $150.
LTC Price Surges Rapidly
On Monday, Litecoin traded around 10 percent more at $155, which indicates that the altcoins are also rallying as Bitcoins get stronger each day. Ever since Bitcoin started rallying on various exchanges, the alternatives to Bitcoins have also flourished.
Even though the current rallying is impressive, it can bring in the risk of very sharp corrections as per the Head of FX strategy, John Hardy
As shown by the Weekly Chart, Litecoin has reached $145 highs and touching the $186 and $225 threshold with the resistance levels of .5 and .618 Fib retracement levels. As the indicators remain bullish, there is a probability of breaking out or reaching the resistance levels. Crypto experts believe that LTC would showcase a substantial upward movement after surpassing the $140 resistance area.
Litecoin was created by Charles Lee for fast transactions and payment settlement and has a good reputation in the market; even some analysts believe that if Bitcoin is digital gold Litecoin can become silver. Litecoin structure and fundamentals make it an excellent choice for crypto investors. As the team is bringing in newer features like MimbleWimble( a privacy solution), the altcoin may see some substantial growth.
In 2020, the price of Litecoin had rallied on several occasions, showcasing a substantial increase within short periods of time. From January 1, 2020, to February 15, 2021, the price of Litecoin increased from $42 to &77. Even in times of Coronavirus pandemic outbreak onset, the LTC recovered after the March crash. Around July, the LTC price movement was sharp, taking the price to $60; since November 2020, the cost of LTC began to surge massively. In December, as Bitcoin crossed its $20000 benchmark and started to rally, the alternatives to Bitcoin like Dogecoin, Litecoin also began to rally as the experts believe that the altcoins are directly connected to Bitcoin and the price action of altcoins works according to bitcoin bear and bull cycles.
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