- Litecoin price hits three-month high at $225.
- Analysts predict continued bull run for LTC $500.
- Investors begin to stake high on LTC after leg up.
Number 12 largest cryptocurrency, Litecoin (LTC), has seen a sporadic price surge over the past 48 hours seeing it record a new three-month high price at $225. The coin crossed the $200 resistance on Saturday to get in the bullish market alongside series of other altcoins.
The altcoin had a daily close above 200 Moving average, setting up a highly bullish scenario. According to technical indicators, if it manages a weekly close above it, the altcoin could join the bull party like never before.
This surge for Litecoin comes as the altcoin has struggled for a leg up in the past three months. It was less than $13 during that time as the entire crypto market took the hit.
Now that it has finally broken out of the critical range, LTC could further break out of a prolonged multi-year range and retest its ATH of $412 soon, and following that, it can target the $500 mark and further. An analyst on Twitter said LTC to $1,000 is in sight soon.
Analysts predict that the next resistance for Litecoin now is at $225, and if it breaks that level, it could hit $260 soon. It could also drop as low as $190.
Investors stake on Litecoin after surge
After its leg up to its three-month high valuation, investors have flocked to stake on the altcoin.
At least five transactions worth $33 million or above were made in Litecoin in the past 24 hours. Although LTC is over 50 percent lower than its ATH, crypto prices during the bull run can surge even higher than analysts predict.
For now, the altcoin has to maintain its level above $200 and try to conquer the key $225 resistance and convert it into on-chain support.
LTC used to be among the top ten cryptos by market capitalization until it lost its spot. Analysts predict that the coin could begin another massive leg up soon and gain its place back now it has returned above $200.