Litecoin Heads for $300 – Could LTC Reach $500?
Litecoin Heads, Litecoin used to be one of the most boring cryptocurrencies since the crash in May. It traded in a tight range below the 200 SMA (purple) on the daily chart since May, apart from a couple of attempts to turn LTC bullish in September, which failed miserably. But, it is making headlines now after it sparked back to life all of a sudden in the last three days and has made LTC holders/investors very happy.
Litecoin Daily Chart Analysis – The 200 SMA Is History Now
Litecoin has left behind the resistance at $235 too
Litecoin’s price has surged from around $200 on Monday morning to $292 so far today and the most exciting thing about it is that the pace of the bullish momentum continues to be quite strong. Now the $300 level is not too far away, so if the buying pressure persists, we will likely see that level being broken today.
Litecoin Weekly Chart Analysis – The 20 SMA Has Turned Into Support Again
On the weekly chart, we can see that the 20 SMA (gray) was acting as support during the first several months of 2021 when the price was bullish, then this moving average turned into resistance in September, after the price had fallen below it. Last month, the 20 SMA turned into support again after the price moved above it and this week LTC/USD has surged higher. If this sort of price action continues, then the all-time highs are not too far above either, so buyers are advised to hold on to their LTC.
Moving averages have turned into support for Litecoin
But what is fuelling the surge in Litecoin?
One of the reasons is the bullish sentiment in the crypto market, as BITCOIN and ETHEREUM keep printing; new highs. So, LTC/USD is following the sentiment higher, although it has performed exceptionally well this week.
Inflation in real-world economies is another factor. We’re seeing some exceptional inflation figures which are devaluating fiat currencies pretty fast; so investors in general; are turning to the crypto market where there isn’t much inflation and in fact; there is appreciation. People like the way Liteocin is being adopted, especially among consumers and retailers. Such commerce and oriented token for everyday purchases after the Litecoin Visa debit; card could have a bright future with what is happening around the world since 2020. So, positive times ahead for Litecoin.
