- Cryptocurrency trader predicts positive reversal, particularly for Litecoin (LTC).
- LTC experiences 2.86% price surge, trading slightly below daily peak.
- LTC’s market capitalization secures its position as the 10th largest cryptocurrency.
Esteemed cryptocurrency trader and analyst Michael van de Poppe took to Twitter today to express his belief that the markets are undergoing a positive reversal. Van de Poppe specifically highlighted his optimistic outlook on Litecoin (LTC), stating that he foresees the continuation of its upward trajectory in terms of price. As a seasoned professional in the crypto industry, his insights carry significant weight.
According to CoinMarketCap, Litecoin (LTC) experienced a 2.86% price surge within the last 24 hours of trading, reaching a value of $100.30 at the current moment. Consequently, LTC is trading slightly below its daily peak of $100.37.
Despite some progress, LTC still needed to make further efforts to recover its weekly performance as the altcoin continued to experience a decline of over 4% in the past seven days. On the other hand, LTC’s 24-hour trading volume reached approximately $654,759,673, marking a significant surge of over 29% within the last day.
With a market capitalization of $7,366,856,319, Litecoin (LTC) secured its position as the 10th largest cryptocurrency. This reaffirmed its superiority over Tron (TRX), which currently holds the 11th spot.
In the last 24 hours, LTC has surpassed the crucial resistance level at $97.23 and has maintained its position above this significant price point. If LTC manages to close above this level today, it will establish it as a strong support level, paving the way for further upward movement towards $102.30 shortly.
Should LTC successfully surpasses the $102.30 mark in the upcoming week, it may ascend further to $109.72 in the subsequent week. It is advisable for traders and investors to closely observe the positive trend line on LTC’s daily chart. This trend line has materialized due to LTC consistently recording higher lows over the past few weeks.
Yesterday, a new higher low was formed, indicating the possibility of LTC experiencing a further decline below the trend line within the next 24-48 hours. In such a scenario, the price of the altcoin could reach $91.01 in the next few days.
Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.
