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Litecoin (LTC) targets $100 after successful breakout

Litecoin (LTC) targets $100 after successful breakout

The cryptocurrency market is riding the green wave as most of its assets recover from a crisis sparked by the collapse of FTX, once one of the largest crypto exchanges in the world, with Litecoin (LTC) recording especially significant gains and showing signs of a bright future.

Specifically, the increases that the price of Litecoin has been registering for the past several days are an indicator that the decentralized finance (DeFi) token could secure a rally towards $100, according to the tweet by a pseudonymous crypto trading expert Bitcoin Bull on December 5.

As the crypto analyst explained:

“LTC broke above the rising channel successfully and stayed above for a few days and now bouncing again. Targeting $90-$100 area.”

Litecoin price action analysis and prediction. Source: Bitcoin Bull

On top of that, Litecoin three weeks ago recorded the largest amount of dormant tokens being moved in four years and a decrease in the ageing of the average token investments, which is an “ingredient for bullish breakouts,” as the crypto market intelligence platform Santiment observed in a tweet on December 5.

Litecoin mean dollar age and age consumed. Source: Santiment

Litecoin price analysis

Meanwhile, Litecoin is recording gains on all of its charts, as it trades at $83.60 at press time, which represents an increase of 9.42% on the day, 15.85% across the week, and 21.54% over the previous 30 days, with a $6 billion market capitalization.

Litecoin 7-day price chart. Source: Finbold

With its price action, Litecoin has confirmed analysts’ earlier predictions of an uptrend and then some. Indeed, Rekt Capital estimated that LTC would need to close November above $67 and hold above this level “to move higher next month,” as Finbold reported.

Despite the optimism shown by analysts and chart patterns, the cryptocurrency community at CoinMarketCap is demonstrating a bearish view for Litecoin for December 31, 2022, as it estimates it will trade at an average of $62.29, which is over 25% lower than its current price although more positive than its previous predictions reported by Finbold.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk. 

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