Crypto Analyst Puts Litecoin Price At $84, Here’s The Timeline

Name	Symbol	Market	Market Cap ($)	Algorithm
Litecoin	LTCUSD	Crypto	6,175,412,239	Scrypt

Name

Symbol

Market

Market Cap ($)

Algorithm

Litecoin

LTCUSD

Crypto

6,175,412,239

Scrypt

	Price Change	Price Change %	Current Price	Bid Price	Offer
	0.120	0.14%	83.17	83.18	83.20

Price Change

Price Change %

Current Price

Bid Price

Offer

0.120

0.14%

83.17

83.18

83.20

High Price	Low Price	Open Price	Prev. Close	52 Week Range
83.23	82.82	83.04	83.05	- - -

High Price

Low Price

Open Price

Prev. Close

52 Week Range

83.23

82.82

83.04

83.05

- - -

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	01:30:36	2.25	83.18	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

01:30:36

2.25

83.18

USD

Price x Volume	Volume	Base Symbol	Related Pairs
204,237.45	2,459.65	LTC	LTCEUR	LTCGBP	LTCBTC

Price x Volume

Volume

Base Symbol

Related Pairs

204,237.45

2,459.65

Crypto Analyst Puts Litecoin Price At $84, Here’s The Timeline

11/10/2023 12:30pm

NEWSBTC

Since its third halving event was successfully completed in early August, the Litecoin price has fallen off the radar of crypto investors. This was mainly due to the price decline that LTC experienced after heavy profit-taking from investors who had invested leading up to the price surge triggered by the expectations around the halving. But it seems the tides are finally turning for the coin as one analyst predicts a more than 30% increase in price going forward. Litecoin Price Shooting For The Stars The current crypto market headwinds seem to be working in favor of the Litecoin price which one crypto analyst believes is gearing up for a run-up to $83. In the post, the pseudonymous analyst identified as P_S_trade points to the possibility of the crypto market continuing its growth trend. However, this would be null and void if the crypto market were to reverse back below $27,000. Related Reading: No Love For FTX: Ex-Girlfriend Delivers Scathing Testimony Against Sam Bankman-Fried For Litecoin, the analyst points out that the altcoin has usually been the first to start to see an upside in the crypto market. But this has not been the case, as previously mentioned since high levels of profit-taking have affected the LTC price. LTC chart shows runup to $84 | Source: TradingView.com Even from the current level, the analyst’s chart points toward a possible retracement from here back down to $55. However, once this is completed, the bounce-off from there shows LTC reaching as high as $77 before succumbing to another correction. This decline is also similar to the first instance where it falls to $55 in the fact that it signals another price surge. Following this second correction, the analyst puts the bottom somewhere around $67 before Litecoin continues its ascent once more. The top of this second rally then lands just above $84 on the chart. Although there is no official timeline, the range of trades mentioned by the analyst is the medium term, which could see this run out for a couple of months. LTC price holds shakily at $62 | Source: LTCUSD on Tradingview.com LTC Daily Transactions Continue To Decline While the analyst foresees Litecoin price to surge, other metrics could be pointing in the opposite direction. For one, the daily transaction numbers for the altcoin have been steadily on the decline since the halving event in August. Related Reading: Here’s Why The Ethereum Price Fell Toward $1,500 According to data from BitInfoCharts, the number of daily LTC transactions has fallen from over 584,000 in May to just shy of 104,000 transactions by Tuesday, October 10. This points to a lack of interest from investors usually brought on by bear market headwinds. Additionally, the daily transaction volumes, as shown by the token tracking website CoinMarketCap, show a 13.26% decline in the daily trading volume of Litecoin. These bearish metrics could thwart chances of reversal. However, they could also signal the bottom that triggers the start of another rally. Featured image from CoinMarketCap, chart from Tradingview.com

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