A broadly adopted crypto analyst is predicting that Litecoin (LTC) will lengthen its huge rally, however provided that a sure situation is met.
Crypto strategist Justin Bennett says in a brand new concern of his e-newsletter that Litecoin bulls should defend a key worth degree or the rally could implode.
Bennett says Litecoin’s worth of $73.20 is taking part in a pivotal position in its present rally because it has flipped to a degree of help after performing as a degree of resistance earlier this month and again in Could. He says if Litecoin closes beneath $73.20, it is going to flip again to a resistance degree and the token will doubtless begin to dip.
“LTC has been on a tear just lately, taking out the confluence of resistance at $73.20, which has now flipped to help. If that space holds, I believe we see LTC proceed increased right here into $96.50 and doubtlessly $128. Alternatively, a every day shut again beneath $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 yr. For Litecoin to succeed in these worth ranges once more, it might must rally one other 24% or 64% respectively from its present worth.
LTC has seen a big enhance in worth over the previous few weeks, reaching a excessive of $82.63 in November, an almost 50% enhance from its price ticket of $55.11 at the start of the month. It has since stabilized and is altering arms for $77.82 at time of writing.
Do not Miss a Beat – Subscribe to get crypto e mail alerts delivered on to your inbox
Verify Worth Motion
Observe us on Twitter, Facebook and Telegram
Surf The Each day Hodl Combine
 
Disclaimer: Opinions expressed at The Each day Hodl will not be funding recommendation. Traders ought to do their due diligence earlier than making any high-risk investments in Bitcoin, cryptocurrency or digital belongings. Please be suggested that your transfers and trades are at your personal threat, and any loses it’s possible you’ll incur are your accountability. The Each day Hodl doesn’t suggest the shopping for or promoting of any cryptocurrencies or digital belongings, neither is The Each day Hodl an funding advisor. Please notice that The Each day Hodl participates in online marketing.
Featured Picture: Shutterstock/SF Textitle Design