Technical analysis

Litecoin Price Forecast: LTC Price Massive Rally Incoming, Analyst Maps Next Watch Levels

The previous week has been negative for the majority of cryptocurrencies on the market due to debate around Binance’s proof-of-reserve system. However, Litecoin has taken a big hit and has been struggling recently as it lost 15% of its value during the previous week.

According to crypto expert Michael Van De Poppe, historical price movement indicates that Litecoin is preparing for a massive boom. Even after its last corrective move, the crypto expert says that the altcoin is still positive on the weekly period.

He believes Litecoin is on the rise. It has got some beautiful levels, he says, and pointed out that $63 is undoubtedly a level we should keep an eye on. In the event of a new rally towards $100, he says that one would like to see this level ($63) hold as support and likely see a bounce towards here ($80). After which, it will consolidate and continue making this run.

According to Van de Poppe, LTC Price appears to be replicating its market structure when it bottomed at the end of 2018. According to the crypto expert, Litecoin saw a 28% dip in December of that year before launching a big rise. Poppe believes that Litecoin is in a similar situation and that LTC will continue to rise once the correction is over.

“This is very comparable to what we saw in 2019 in price action as well… We did see this sideways action, breakout, came all the way back, taking the lows, sideways action, breakout.”

On-Chain Data Hints at a Recovery?

A recent BitPay research claims that Litecoin has become a popular choice as a currency for transactions. Leading online stores for electronics, video games, gold, jewelry, and other goods have noticed an increase in Litecoin payments. BitPay has completed more than 180,000 Litecoin payments since the cryptocurrency’s support began in the middle of 2021, totaling more than $30 million in transactions.

The total number of addresses on the Litecoin network has reportedly surpassed 165.5 million, according to Glassnode. Additionally, the network processes about 100,000 transactions every day. In the last two years, the number of transactions per day has increased.

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