Litecoin LTCUSD
Litecoin price is hovering near its year-to-date high as demand for cryptocurrencies continues to rise. The LTC is trading at $185, which is slightly below the YRD high of $187 and 52% below the all-time high of $360.
The Litecoin price has been in a strong rally in the past few months. In fact, the price has surged by more than 630% from its lowest level in 2020. This has brought its total market cap to more than $12 billion, making it the 8th largest cryptocurrency in the world.
The rally has gained steam recently after more institutions sounded optimistic about cryptocurrencies. Tesla has already bought BTC worth $1.5 billion while Twitter is mulling making a large investment. Therefore, analysts believe that other smaller and promising digital currencies like LTC could also see inflows in the near term.
Last week, I predicted that Ethereum was about to skyrocket using a cup and handle pattern analysis. Interestingly, the same pattern has emerged in Litecoin’s daily chart. In fact, a closer look at the chart shows that the current price is at the same level as the right side of the cup.
The LTC price is also being supported by the important moving averages. Therefore, in my view, the price will likely consolidate or pullback to complete the handle part. This will possibly be followed by a major uptick that will see it cruise above $200.
However, this prediction will be invalidated if the price manages to move below $147.
