Litecoin ($LTC) Surges 15% to Post New 3-Month High, Here’s Why it Could Touch $500

By Prashant Jha
Published September 4, 2021 Updated September 4, 2021
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Litecoin ($LTC) Surges 15% to Post New 3-Month High, Here’s Why it Could Touch $500

By Prashant Jha
Published September 4, 2021 Updated September 4, 2021

Litecoin ($LTC), the eleventh largest cryptocurrency by market finally joined the bulls as its price breached the $200 mark to record a new 3-month high of $225. The altcoin had a daily close above 200 Moving average setting up a highly bullish scenario and if it manages a weekly close above it, the altcoin could join the bull party like never before.

Litecoin
Source: TradingView

Litecoin has spent most of its past three months under $130 during the three-month-long bearish phase that saw the crypto market lose nearly 50% of its valuation from all-time-high (ATHs). Now that it has finally broken out of the key range. Litecoin could break out of a prolonged multi-year range and retest its ATH of $412 soon and following that it can target the $500 mark and further. One analyst predicted $1,000 is very much possible for the altcoin.

The major resistance for altcoin lies in the $225, breaking which and a weekly close above this mark could propel it to $260 levels very soon. Till then the altcoin could move in the $190-$220 range.

What Lies Ahead For Litecoin?

Traders have started taking not of $LTC’s recent progress which was also visible from the large buy orders yesterday. At least five transactions worth $33 million or above were made in Litecoin. While it is still more than 50% down from the all-time high, crypto bull runs are infamous for skyrocketing token prices double digits and sometimes even triple digits.

Litecoin needs to maintain its level above $200 and try to conquer the key $225 resistance and convert it into on-chain support. The altcoin might have lost its position in the top-10 with several new entrants, but many analysts believe it could pull a Solana and the real bull run for the altcoin begins now after reclaiming $200.

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Prashant Jha
1090 Articles
An engineering graduate, Prashant focuses on UK and Indian markets. As a crypto-journalist, his interests lie in blockchain technology adoption across emerging economies.

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