A crypto analyst believes that the Litecoin price is on the cusp of more gains in the near term, even after it soared by 160% from its lowest level in August. The LTC coin was trading at $130, a few points below this month’s high of $140.
Crypto analyst sees Litecoin price breaking out
In an X post, Mike, a popular crypto analyst with over 47k followers, predicted that the coin’s rally is just beginning. He noted that the coin jumped by 9,730% in 2017 and 587% in 2021.
He also cited the Fibonacci patterns, which he expects will push the Litecoin price to $1,440, which is a 1,000% jump from the current level.
Other analysts are bullish on Litecoin, as its utility rises. In a recent statement, the developers noted that the Litecoin network handled over 3 million transactions in the last two weeks. This makes it the most active year for the Litecoin network in the last 13 years of its history.
Crypto pros see the LTC coin making a strong breakout as Ripple did recently. That’s because the coin has historically done better than Bitcoin during bull markets. Also, the network’s hash rate has jumped to a record high of 1.44 Phash/s, much higher than where it started the year at.
A hash rate is a metric that looks at the health of a proof of network crypto by looking at the number of calculations that can be done per second. It looks at the computational power of the network. A higher figure is usually a sign of a network’s health.
Litecoin price analysis
The daily chart shows that the Litecoin price resembles that of most altcoins. Like the others, it has formed a cup and handle pattern. It also formed a golden cross as the 50-day and 200-day exponential moving averages crossed each other.
The coin is now forming a bullish flag or pennant pattern. This pattern is made up of a long vertical line and some consolidation at the top. Therefore, if it happens well, there are rising chances that it will stage a strong breakout.
If this happens, the initial target to watch will be $200, which is about 70 points above the current level. That move will depend on whether Bitcoin rises and flips the resistance at $100,000.
