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.
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.
Litecoin’s value proposition:
– High liquidity & on every exchange
– #2 supported on ATMs
– 350m @PayPal users
– $104m @Grayscale LTCN trust
– 99% Scrypt hashrate dominance
– MWEB fungibility/privacy
– Low fees & fast txns
– $500b+ value transferred
– 9+ years w/ zero downtime
— Charlie Lee [LTC⚡] (@SatoshiLite) December 21, 2020
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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