CaptainCrypto, a crypto investor thinks Litecoin will ‘pump hard’ to $1000 based on some historical metrics. Let’s look at his thoughts in detail.
According to the post on X, the last time Litecoin pumped hard was in 2020. At that time, no fundamentals were supporting the rise, and LTC was referred to as “dead,” trading between $30-$40.
I’ve said before, I have no clue when it comes to price action.No one does. What I do know is past trends. Last time #Litecoin pumped hard was June 2020.So 4 years ago. What is important here is what happened before the pump. Since there was no news that was causing this.…
— CaptainCrypto (@CaptainCrypto33) August 3, 2024
The situation changed suddenly, and LTC price started to spike upward, reaching above $400, which was an easy 10x. The analyst also pointed out that a “disgusting” red wick appeared before the start of a bullish run.
The crypto analyst compares the state of Litecoin then to today. Many see the coin as dead, and some are not hopeful for a bullish run, but the analyst thinks that history will repeat itself.
Litecoin will experience the historical spike again, which could trigger it above $1000.
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Litecoin Technical Analysis Reveals Downtrend on All Timeframes
Based on AltFINS analysis, the price of Litecoin is in a downtrend on the short, medium, and long-term timeframes. The price has broken above the $70 resistance, which could indicate a trend reversal.
However, there is a need to wait for a close above the 200-day moving average of around $79 to confirm an uptrend.
Source: altFINS – Start using it today
The price is approaching support, which is a level where it could pause or reverse its recent decline, at least temporarily. Once the price breaks below support, it can move lower to the next support level.
The nearest support levels are $65.00 and then $55.00, while the resistance levels are $70.00 and then $80.00.
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The post Crypto Analyst Predicts Litecoin Will ‘Pump Hard’ to $1,000 Based on These Metrics: LTC Price Analysis appeared first on CaptainAltcoin.
