A broadly adopted crypto analyst is predicting that Litecoin (LTC) will prolong its large rally, however provided that a sure situation is met.
Crypto strategist Justin Bennett says in a brand new concern of his publication that Litecoin bulls should defend a key worth degree or the rally could implode.
Bennett says Litecoin’s worth of $73.20 is enjoying a pivotal function in its present rally because it has flipped to a degree of assist after appearing as a degree of resistance earlier this month and again in Could. He says if Litecoin closes under $73.20, it is going to flip again to a resistance degree and the token will possible begin to dip.
“LTC has been on a tear not too long ago, taking out the confluence of resistance at $73.20, which has now flipped to assist. If that space holds, I believe we see LTC proceed larger right here into $96.50 and probably $128. Alternatively, a every day shut again under $73.20 would sign a bearish fakeout and finish the rally.”
Litecoin beforehand traded at each the $96.50 and the $128 worth ranges earlier this 12 months. For Litecoin to achieve these worth ranges once more, it could have to rally one other 24% or 64% respectively from its present worth.
LTC has seen a big improve in worth over the previous few weeks, reaching a excessive of $82.63 in November, an almost 50% improve from its price ticket of $55.11 in the beginning of the month. It has since stabilized and is altering arms for $77.82 at time of writing.
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