2023-5-16 18:51 |
Litecoin ($LTC) continues to exhibit resilience in the market. With its upcoming halving scheduled in approximately 2.5 months, the question arises: will this event trigger a delayed upward surge or result in another setback?
The key level to watch is the $100-105 region, which has proven to be a significant resistance level as it has previously rejected price advances on four separate occasions. Breaking through this level could potentially pave the way for further bullish momentum in Litecoin’s price.
Employing the Hurst Cyclical theory, a crypto expert named Tony The Bull uncovered a pattern that suggests cyclical perfection within Litecoin. Remarkably, the internal 1/3 harmonics align harmoniously with a larger cycle, signaling a momentous event on the horizon.
Litecoin’s Dramatic UndervaluationCurrently, Litecoin remains dramatically undervalued when compared to Bitcoin ($BTC) and Ethereum ($ETH) in relative terms. Based on this analysis by well-known crypto analyst TonyTheBull on Twitter, Litecoin should command a price of at least $250 per coin, indicating a profound undervaluation in relation to other assets experiencing similar undervaluation trends.
Notably, Litecoin consistently outperforms both Bitcoin and Ethereum during cycle conclusions, proving its potential as a lucrative investment opportunity.
Bullish Momentum in LitecoinA glance at the 1-month Litecoin chart reveals a bullish crossover on the LMACD (Litecoin Moving Average Convergence Divergence), while Bitcoin and Ethereum lag behind. This crucial development indicates a shift in momentum over a longer time frame.
Pay close attention to the histogram’s transition from red to green or vice versa, as it signifies a momentum shift in the market.
A Wave Count PerspectiveTo gain a comprehensive understanding of Litecoin’s wave count, it is imperative to transcend the daily chart and delve into the line chart. With the correct perspective, it becomes evident that wave 4 never breached the territory of wave 1. Instead, Litecoin is forming an expanding ending diagonal, a pattern where wave 5 typically emerges as the longest and strongest.
Transactions: A Leading IndicatorBy superimposing Litecoin transactions onto the LTC/USD chart, a fascinating trend comes to light. Whenever Litecoin experiences a surge in usage, its price skyrockets. Notably, transaction metrics tend to lead price movements slightly, hinting at a potential vertical climb in the near future. Historical patterns suggest that price will indeed follow suit, further bolstered by upcoming events such as the halving, ordinals buzz, and regulatory support.
The Ratio Flip PhenomenonA closer examination of the transactions chart, this time juxtaposed with the LTC/BTC ratio, reveals a fascinating correlation. Each time network transactions spiked, the ratio experienced a significant flip. This intriguing relationship between transactions and the LTC/BTC ratio underscores the influential role of network usage in Litecoin’s performance.
Rejecting Bearish SentimentIn light of the evidence presented, adopting a bearish stance on Litecoin appears perplexing. The notion that we are merely witnessing a repeat of the events in 2019 is overly simplistic and may mislead investors into thinking they have ample time to reenter the market. Momentum indicators strongly suggest otherwise. Brace yourself for an imminent rally in Litecoin that will inevitably leave skeptics chasing after it.
Litecoin (LTC) has witnessed a positive surge in its price. Presently, the price of Litecoin stands at $89.47, reflecting a 1.49% increase within the last 24 hours and a notable 13.51% increase over the past week. With a circulating supply of 73 million LTC tokens, the market capitalization of Litecoin reaches an impressive $6,519,378,845.
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Litecoin Price Prediction 2023 – 2025 – 2030 | LTC Price Forecast Best 11 Litecoin Wallets for – Store LTC coins safelyAs of late, Litecoin has demonstrated increased market activity, as indicated by its daily trading volume of $844,060,468, reflecting a 5.30% rise compared to the previous day. Notably, the current price of Litecoin stands at a considerable difference from its all-time high of $410.26 on May 10, 2021, having experienced a decline of 78.23%.
However, it has come a long way since its all-time low of $1.15 on January 14, 2015, currently sitting at a remarkable 7,674.36% increase from that point. With a market capitalization of $6,519,378,845, Litecoin maintains its position as the 12th ranked cryptocurrency on CoinGecko.
The post Litecoin Is Dramatically Undervalued, Potential For 3x is Real appeared first on CaptainAltcoin.
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