Litecoin price is on the verge of an 800% bull rally as information shared from the founder Charlie Lee

Litecoin price reached $ 124 on December 19 – the highest level since July 2019. During the last week, a strong bullish momentum pushed LTC to the fifth position in the overall crypto market ranking. bridge. Now, LTC has a market cap of $ 7.1 billion, while its average daily trading volume is registered at $ 8.5 billion.

litecoin-price-is-on-the-verge-of-an-800-bull-rally-as-information-shared-from-the-founder-charlie-lee

LTC/USD 4-hour chart | Source: TradingView

Litecoin price is ripe for a correction

At press time, LTC is trading around $ 105, down 10% daily, but still holding a 33% increase on the week. From a technical standpoint, LTC seems to be in a state of overbought and ready for a short downside correction.

Meanwhile, the long-term picture remains bullishly bullish as Litecoin appears to have broken out of a large symmetrical triangle. Now, there are quite a few predictions that Litecoin is targeting the $ 1,100 area. This is an estimated target showing an increase of more than 1,700%.

This prediction is also fueled by the information given by Charlie Lee, creator of Litecoin. According to him, Litecoin’s value proposition is calculated in the high liquidity & on every exchange.

Moreover, Litecoin is also the cryptocurrency supported by Bitcoin ATMs second only to Bitcoin. Litecoin is also an Altcoin used by 350 million Paypal users, …

You can see the LTC price here.

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