Litecoin price is going to run so hard it is going to mentally affect those left behind

The current Litecoin price is going against the general market sentiment with gains of 24.5% and 57% on higher timeframes. At the time of writing, LTC is trading at $ 329 with a 17% return over the past 24 hours.

Litecoin price is going to run so hard it is going to mentally affect those left behind

litecoin-price-is-going-to-run-so-hard-it-is-going-to-mentally-affect-those-left-behind

LTC consistently makes new highs in daily chart | Source: Tradingview

Professional cryptocurrency trader Julio_LTC has placed support for LTC at $ 280 with a price target of $ 330. He is very optimistic that LTC surpasses the Relative Strength Index (RSI) – a measured measure. Used to evaluate price momentum, within a lower timeframe. If price action is invalidated, $ 218 could act as a critical support level.

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LTC with support at $ 280 and price target at $ 330 | Source: Julio_LTC

According to this trader, LTC seems to correlate with the performance of Ethereum rather than Bitcoin. As a result, Litecoin’s bullish momentum could cool down or increase even further if ETH continues its uptrend. If LTC hits its target, it could see stronger momentum towards a higher price.

Trader Julio said:

“I dont believe we’ll see $7000+ this year but I do believe $LTC can go into the $3000-$5000 range. #LTC is a late game player.”

Professional crypto trader Tony is equally optimistic after LTC broke the $ 289 resistance.

This trader said:

“Litecoin is going to run so hard it is going to mentally affect those left behind. Bags are packed and ready for launch. The BTC pair tells a story and I want us all to be a part of that story.”

Litecoin fundamental signal: Potential bullish momentum

According to Glassnode, Litecoin has reached its highest actual price in 3 years of $ 129.65. Similarly, LTC’s real market cap stands at an all-time high at $ 8.7 billion.

On-chain activity has shown mixed signs with Litecoin’s network transaction volume at a 4-month low of 359,724 LTC. However, the number of received addresses hit a month high on May 3, with 12,771 addresses.

According to additional data provided by IntoTheBlock, the In / Out of the Money Around Price (IOMAP) indicator showing Litecoin’s price distribution has recorded potential price support at $ 259 and $ 269 with more than 5. , 96 million LTC is bought by 103,000 addresses around these levels.

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Source: InthoTheBlock

As the chart shows, if LTC recovers, there is likely to be major resistance at $ 314 to $ 322, $ 332 and $ 340. As mentioned, investors should closely watch ETH’s performance. to be able to break through. For now, Ethereum’s rally appears to be cooling but still has the potential for another bull run.

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