Litecoin Price Expected to Increase by More Than 30%
The Litecoin price has been overlooked by crypto investors since its third halving event in August, when it experienced a decline due to heavy profit-taking. However, one analyst predicts that the tide is turning for Litecoin and expects a price increase of over 30%.
Market Conditions Favor Litecoin Price
A crypto analyst believes that the current market conditions are favorable for Litecoin, with the potential for a run-up to $83. The analyst points out that if the crypto market reverses below $27,000, this prediction would be invalidated.
The analyst also notes that historically, Litecoin has been the first altcoin to see an upside in the market. However, due to high levels of profit-taking, this has not been the case recently.
Potential Medium-Term Rally
The analyst predicts that Litecoin’s price could reach just above $84 in the medium term, although no specific timeline is provided. This rally could last for a couple of months.
Lack of Investor Interest
Litecoin’s transaction volume has significantly declined since May, indicating a lack of interest from investors during bear market conditions. Additionally, CoinMarketCap data shows a 13.26% decrease in daily trading volume for Litecoin.
Potential Reversal or Rally Trigger
While these bearish metrics could hinder a price reversal, they could also indicate the bottom that triggers another rally for Litecoin.
Hot Take: Analyst Predicts More Than 30% Increase in Litecoin Price
Despite being overshadowed after its third halving event, Litecoin is expected to experience a significant price surge. One crypto analyst believes that the current market conditions favor a run-up to $83, with the potential for a medium-term rally reaching just above $84. Although investor interest has declined and daily transaction volumes have decreased, these bearish metrics could also signal a potential reversal or the start of another rally. Keep an eye on Litecoin as it aims for the stars.
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