The market’s biggest coins are also doing well, with the bulk of them posting record increases in the recent 24 hours. Bitcoin and Ethereum both gained 5.4 percent and 7.6%, respectively. Cardano has gained the most, followed by Dogecoin.
Another coin on the same footing is Litecoin(LTC). The altcoin’s price is performing well on the general cryptocurrency market, with a 20.6% increase in the last fortnight.
At the time of writing, LTC is trading at 187.98 up by 3.3% in the last 24 hours.
The immediate resistance is at $189. A break above will bring the major resistance at $192 to play. The level is crucial as it is the 200 day SMA level.
In case of an extended rally above $192, LTC can rally as high as $200. However, in case of a downtrend, the major support is at $140.
Bullish Predictions for LTC Price !
Popular Analyst Micheal Van De Poppe has made a bullish case for Litecoin. In a recent tweet he sets a new target for the token.
According to him, LTC is geared up to hit $300
The price of Litecoin has gained traction in recent weeks after breaking through many price barriers and achieving new highs. However, now the problem is that momentum is fading until mid-August. This poses a short-term limit to their hopes of attaining the $200 target as quickly as possible.
In terms of technical indicators, the RSI has formed a double top, favouring the bulls despite the impending short-term correction. For the time being, the moving averages are flashing a strong buy signal