Is it Too Late to Buy Litecoin? Crypto Experts Give Their LTC Predictions
Litecoin's price has remained relatively stable over the past 24 hours, despite experiencing a surge in November. Some experts believe that LTC may have reached its lowest point and is now ready to reclaim its value of $70 and potentially even move toward $100.
Currently, the 14th largest cryptocurrency is trading at $65.41 as bulls and bears compete for control of the market trend. Litecoin has a market capitalization of $4.7 billion, compared to the $11.33 billion it had at the beginning of the year when it was trading at around $163.
Litecoin price has generally sustained a southbound move since January. The 2022 bear market run left no stone unturned in LTC's backyard, as declines hit a yearly low slightly above $40.00 in June.
Although recovery began shortly after the Terra (LUNA) crash, Litecoin resented resistance at $65.00 until recently. Like many crypto assets in the market, Litecoin dumped after the collapse of FTX.
However, a recovery ensued above the hurdle at $65.00, allowing bulls to regain ground above $80. Litecoin price tagged a seven-month high of $84.96 on December 3, prompting experts to say that its ship has sailed, leaving many sidelined investors onshore.
Despite LTC's impressive performance in November, it could no longer sustain the uptrend after the United States Federal Reserve hiked interest rates by 0.5% on Wednesday last week.
From the chart below, we can spot a bullish trend building for Litecoin price. This northbound move commenced with LTC rebounding from support at $40.00. Its first major breakout occurred at the lower trend line when bulls pushed past resistance at $52.00.
Traders who entered their long positions marginally above the trend line saw their positions immediately flip
Read more on cryptonews.com
