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Litecoin breaks above $75 - here's what analysts say LTC could do next | Invezz

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Date: 2023-01-02 11:40:08

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Litecoin (LTC/USD), the digital gold cryptocurrency, is currently trading above $75 with around 7.2% gains in the past 24 hours.

According to data from market aggregator CoinGecko, Litecoin reached average highs of $75.81 across major crypto exchanges. Indeed, LTC hit highs of $77.97 on crypto exchange Coinbase and $77.76 on Binance (as calculated by TradingView).

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Litecoin price chart on Coinbase. Source: TradingView.

The current price level puts LTC above a critical level that analysts say could be key to LTC/USD short term, with more holders looking to buy Litecoin.

Analysts’ take on Litecoin price outlook

Litecoin price rose to $85 on 5 December 2022, its highest price level since May 2022. However, LTC fell sharply afterwards to hit lows of $61 on 19 December as cryptocurrencies suffered the impact of FTX’s bankruptcy.

LTC price is back above $70 though – with the breakout taking the coin’s price above a key resistance level established in May. While prices could still fall to support areas below current price levels, analysts suggest bulls might have an opportunity here.

According to crypto analyst Rekt Capital, Litecoin’s upside includes a successful bullish monthly close above the critical support level of $67. This positions LTC for further upside momentum, the technical analyst tweeted. As shown in the chart he shared, the digital gold token is “already showing initial signs of upside following its successful retest of the top of the green historical demand area as support”

Litecoin price prediction chart. Source: Rekt Capital on Twitter.

Another analyst, Michael van de Poppe, says the breakout above $72 opens LTC to a possible “fast continuation.” In his assessment, LTC could be poised for a retest of the $100 region.

Didn't get my fill on #Litecoin, but the price action followed the plan.

Time for longs around $72 I'd say. Next stop; $100. pic.twitter.com/sX0QM350h7

— Michaël van de Poppe (@CryptoMichNL) January 2, 2023

Amid the increase in price has been growing interest in LTC by sharks and whales – the large investors.

According to recent data by on-chain metrics platform Santiment, the number of large addresses holding LTC hit a two-year high on Christmas Day.

???? #Litecoin's price ratio vs. #Bitcoin remains up big since large addresses began popping up at historic rates starting in May. Since June 12th, the $LTC / $BTC price ratio is up +130%. The network just hit the most 1,000+ $LTC addresses in 2 years. ????????https://t.co/ebgP2kw1tQ pic.twitter.com/Jq3AdhAMPO

— Santiment (@santimentfeed) December 27, 2022

Original Source: https://invezz.com/news/2023/01/02/litecoin-breaks-above-75-heres-what-analysts-say-ltc-could-do-next/