As the market makes quite a dramatic turnaround, almost all of the top ten cryptocurrencies are reporting double-digit gains. Bitcoin is sitting pretty with gains of over 13 percent, while Ethereum, EOS, Binance Coin, and Tezos are all up over eight percent. Litecoin follows with gains of just over seven percent at the time of writing, bringing the price to $41.30.
How far will these gains take us?
Given the market’s stellar performance, it’s no surprise that most analysts are predicting further gains. As per Alex Clay’s analysis, the Litecoin LTC price has made an upward breakout of the ascending channel. From here, Litecoin looks set to continue its current trajectory, with the trader setting price targets of $40.84, $41.57, and $42.17.
Pranavchadha18 has made a similar prediction, stating that the Litecoin LTC price has broken through a triangle. This development has led the analyst to target a price of between $44 and $48 for now.
However, AbdulMohammedJlsel is arguing a different position. The trader believes that Litecoin will soon test the resistance line at $41.88. Once that happens, Litecoin will undergo a massive selloff and prices will freefall.
Despite these predictions partner at CMS Holdings, Bobby Cho recently reminded crypto investors of the unpredictability inherent with the crypto market, which has been exacerbated by COVID-19. As such, he stated that no one can say for certain where the market is headed next.
This is especially true as the Bitcoin recently saw a spike from $6,900 to about $7,300, resulting in the liquidation of $90 million on Bitfinex and BitMEX alone.
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Disclaimer: The information provided is not trading advice but an informative analysis of the price movement. Cryptopolitan.com holds no liability towards any investments based on the information provided on this page.