Given the rise within the worth of Litecoin, pseudonymous crypto trading knowledgeable 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 larger 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 in the end rejecting there. Value must Month-to-month Shut & maintain above $67 to maneuver larger subsequent month.”
“$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 verify 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 relationship again to January 2020.
Can Litecoin attain $100?
Elsewhere, distinguished crypto analyst Altcoin Sherpa noted that after flipping the 200-day exponential shifting common (EMA), the following degree up for LTC can 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 such a success? 200d EMA flipped however some key ranges are right here. $100 can 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 degree in over a 12 months:
“Litecoin social engagements measured day by day hit 99.91M, the very best level in over a 12 months! It’s time to begin listening 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 mean worth of $58.36 by December 31, 2022. Presently, LTC is buying and selling at $10.23, up 11.2% within the final 24 hours, as per Finbold information on the time of publication.
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