- LTC price predictions indicate Litecoin could double in price as it is widely undervalued.
- Whales holding more than 100,000 LTCs have surged by 5 percent, confirming the current demand for the crypto asset.
- Grayscale has stockpiled more than 150,000 Litecoins in the last 21 days.
The 20th of February witnessed LTC prices taking a dip by about 40 percent during the Bitcoin slump. Today, new movements around the number three cryptocurrency insinuate LTC could turn bullish soon.
LTC Price Prediction: Grayscale suggest the bulls are about to correct Litecoin’s misfortunes
For the past few weeks, Grayscale has been dynamic whenever LTC’s valuation takes a dip. This has led the cryptocurrency’s management to acquire more than 150,000 Litecoin, representing a 10 percent increase in its stake within such a short time.
Despite the considerable increase in buying pressure, LTC prices have refused to trickle down this progress by moving by a mere 30 percent. Usually, cryptocurrencies experience a price upsurge whenever Grayscale holdings begins to surge. For instance, XLM prices experienced a 105 percent price increase after the crypto company added more than 25 million Stellar coins to its holding.
However, Litecoin seems to be going against the usual Grayscale culture. The crypto asset dropped in value by over 28 percent since 20th February, when the crypto company bought over 40,000 Litecoin. This unusual Grayscale effect is rare among technical indicators, signaling Litecoin’s market valuation is aligned for a significant breakout.
At present, the GLTC, which is also known as Grayscale Litecoin Trust, is exchanging at an impressive 1,780 percent exclusive to the spot price of LTC, putting Grayscale Litecoin Trust at about $3,280 per unit. The difference between Litecoin’s spot price and the Grayscale Litecoin Trust price is a factual representation of Litecoin’s demand.
LTC prices are about to go bullish
After experiencing a price nosedive, LTC appears to be making a comeback from the 30-day moving average (MA). At present, Tom Demark’s TD Sequential indicator presents a buying trend in the offing in the form of the green 9-candlestick on today’s chart. This suggests that Litecoin is on the verge of manifesting higher highs.
The current technical indicators being formed predict a daily 1 to 4 candlestick upsurge. This will result in Litecoin moving past the 78.9 percent Fibonacci retracement level currently standing at $190. Litecoin prices might skyrocket to new highs of $230 or even past the $300 mark if everything remains constant.
LTC Price Prediction: Market Value indicator supports LTC price surge
According to the Market Value by Realized Value, also known as MVRV, Litecoin’s bullish outlook is certain. At the time of writing, this technical indicator is hovering at -5 percent, which qualifies as a buy zone. The last time Litecoin’s 21-day MVRV was hovering at this level, LTC prices surged by over 70 percent.
Additionally, the number of whales holding between 150,000 to 1 million Litecoins has increased by over 5 percent since the 8th of February. Technically, about 6 new heavy investors have joined the Litecoin network within this short time.
Such enormous accumulation by heavy whales shows a growing confidence and interest in LTC at the current prices and circumstances.
What to expect from Litecoin prices?
Regardless of the current promising bullish trend, traders should tread carefully as a daily candlestick below the $158 level would mean significant losses. A nosedive of that nature might have the strength to trigger a correction that might settle at the 50 percent Fibonacci retracement level at $138.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions