Cryptocurrency analysts put the Litecoin price at $84. The timeline is as follows:
After the successful completion of the third halving event in early August, the Litecoin price disappeared from the attention of cryptocurrency investors. This is primarily due to the price decline that LTC experienced after a price surge triggered by halving expectations resulted in massive profit-taking from investors. However, it seems the tide is finally turning for the coin as one analyst predicts the price will rise by more than 30% in the coming days.
Litecoin price shooting for the stars
Current headwinds in the cryptocurrency market appear to be working in favor of the price of Litecoin, which one cryptocurrency analyst predicts will soar to $83. In the post, an anonymous analyst identified as P_S_trade pointed to the possibility of the cryptocurrency market continuing its growth trend. However, this will be void if the cryptocurrency market goes back below $27,000.
In the case of Litecoin, the analyst notes that altcoins are typically the first to start seeing an upward trend in the cryptocurrency market. However, as previously mentioned, this is not the case as high levels of profit taking have impacted the price of LTC.
LTC chart shows runup to $84 | Source: TradingView.com
Even at current levels, analysts’ charts point to the possibility of a retracement to $55 from here. However, once this is done, it rebounds from there, showing LTC reaching a high of $77 before succumbing to another correction.
This decline is similar to the first drop to $55 in that it signals another price spike. Following this second correction, the analyst placed a bottom at around $67 before Litecoin continued its rise once again.
The high point of this second rally hits just above $84 on the chart. There is no official timeline, but the deal range mentioned by analysts is medium-term, meaning it could close within a few months.
LTC price holds shakily at $62 | Source: LTCUSD on Tradingview.com
LTC daily trading continues to decline
Analysts expect Litecoin price to surge, but other indicators may point in the opposite direction. First of all, daily trading volume for altcoins has been steadily decreasing since the August halving event.
The number of daily LTC transactions fell from more than 584,000 in May to just under 104,000 as of Tuesday, October 10, according to data from BitInfoCharts. This usually indicates a lack of investor interest due to bear market headwinds.
Additionally, daily trading volume for Litecoin has decreased by 13.26%, according to token tracking website CoinMarketCap. These bearish indicators could hamper the chances of a reversal. However, it may also signal a bottom that triggers the start of another rally.
Featured image from CoinMarketCap, chart from Tradingview.com
