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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

This Analyst Predicts Massive Litecoin Rally And “Mental” Impact On Non Holders

Reynaldo Marquez
Reynaldo Marquez
4 years ago
2 mins read
Litecoin LTC LTCUSDT

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Litecoin goes against the general market sentiment with a 24.5% and 57% rally in the higher timeframes. At the time of writing, LTC trades at $316 with 4.8% profits in the daily chart.

Litecoin LTC LTCUSDT
LTC on the offensive towards new highs in the daily chart. Source: LTCUSDT Tradingview

Anonymous trader Julio_LTC has set support for LTC at $280 with a price target set at $330. The operator is bullish as LTC climbed in the Relative Strength Index (RSI), a measure used to assess price momentum, in the lower timeframes. If the price action gets invalidated $218 could operate as critical support, as shown below.

Litecoin LTC LTCUSDT
LTC with support at $280 and a $330 price target. Source: Julio_LTC

LTC seems to be correlated with Ethereum’s performance rather than Bitcoin, as usual, according to the trader. Therefore, Litecoin’s rally could experience a cool-off or further appreciation if ETH leads the price action. If LTC hits its target, it could see stronger momentum towards a higher price. The trader added:

I dont believe we’ll see $7000+ this year but I do believe $LTC can go into the $3000-$5000 range. #LTC is a late game player.

Trader Crypto Tony is equally bullish after LTC broke the $289 resistance. The trader said:

Litecoin is going to run so hard it is going to mentally affect those left behind. Bags are packed and ready for launch. The BTC pair tells a story and I want us all to be a part of that story

Litecoin’s Fundamental Signal Potential Bullish Momentum

Data from Glassnode indicates that Litecoin has reached a 3-year high Realized Price at $129.65. Similarly, LTC’s Realized Market Capitalization stood at an all-time high with $8,7 billion.

📈 $LTC Realized Price just reached a 3-year high of $129.65

View metric:https://t.co/jC3fFKAnR2 pic.twitter.com/xjYBplqkjP

— glassnode alerts (@glassnodealerts) May 4, 2021

On-chain activity has been showing ambiguous signs with Litecoin’s network transaction volume at a 4-month low of 359,724 LTC. However, the number of Receiving Addresses reached a 1-month high at May 3rd, with 12,771 addresses.

📉 $LTC Transaction Volume (7d MA) just reached a 4-month low of 359,724.204 LTC

View metric:https://t.co/KXefSK4Tsl pic.twitter.com/FTMVDsRauP

— glassnode alerts (@glassnodealerts) May 4, 2021

Additional data provided by IntoTheBlock with their In/Out of the Money Around Price (IOMAP), an indicator to visualized clusters of Litecoin’s price distribution, records potential price support at $259 and $269 with over 5.96 million LTC bought by 103,000 addresses around these levels.

Litcoin LTC LTCUSDT
Source: InthoTheBlock

As the chart shows, if LTC rallies there could be major resistance at $314 to $322, $332, and $340. As mentioned, investors should keep a close eye on ETH’s performance for a potential breakout. At the moment, Ethereum’s rally seems to be cooling off but holds potential for another leg-up.

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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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