It is predicted by analysts that the trading price of Litecoin (LTC) may experience yet another strong rally. This time, the analysts are predicting that the rally may push LTC’s price by 20%.
LTC Experiences a Rare Trend
According to market experts at BitTribute.com, LTC price has started to move in an unusual manner. The data suggests that digital asset is exhibiting a very rate trend.
This kind of trend ends up causing a major reversal breakout in the value of the respective asset. It is because of the rare trend that the price of LTC has experienced such a significant push.
Due to the trend, the trading price of LTC has ended up outperforming the rest of the major cryptocurrencies.
No other cryptocurrency has been able to come close to what LTC has achieved in recent days. Despite the strong rally, speculations keep coming in that LTC may continue surging in the upcoming days.
LTC Broke Out of the Bearish Trend
Prior to the rally, LTC was stuck in a bearish symmetrical triangle. However, the recent rallies have pushed it out of that zone and it is now moving into the bullish zone.
The asset is currently one of the most attractive tokens in the entire cryptocurrency industry due to its ongoing rally.
It is to be noted that the symmetrical triangle LTC was hovering inside prior to the rally had emerged from a bearish trend.
This meant that if LTC was not able to break out of that triangle for some time, it would plunge. This is because the price moves in the same direction as the previous trend.
However, things took a different turn and LTC not only stayed in the triangle for a while but also moved in the upward direction. This was a rare site that has been hardly witnessed with any other asset.
LTC Stayed at the Bottom from May to November
From May 2022 to November 2022, LTC was not able to move higher as it continued moving in the same pattern. Even prior to the rally, the price of LTC had plunged by 70%, falling to a bottom price of $40.
As LTC continued hovering in the particular zone for a long time, it was expected it would fall into negative territory. However, things worked out completely opposite to what was expected.
LTC Price to Hit $100
The trading price of LTC was pushed to a higher level and it is still experiencing a climb.
According to the analysts, LTC is forming its own trend and it may continue surging as the bulls keep pushing it. It is only a matter of time before the trading price of LTC may hit $100.
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