Litecoin Climbs Over 2% as Analysts Eye Potentially Major Mid-Term Gains
Bitcoin has been facing some turbulent price action over the past several days and weeks, which has led cryptocurrencies like Litecoin to establish wide trading range. This volatility, however, has been generally positive, as most cryptos – including LTC – are trading up from their monthly lows.
Analysts are now predicting significantly further upside for Litecoin in the near-term, with one prominent crypto analyst noting that LTC could surge as much as 80% against its BTC trading pair in the coming weeks and months.
Litecoin Inches Higher Despite Bitcoin’s Recent Bearishness
At the time of writing, Litecoin is trading up over 2% at its current price of $61.00, which marks a slight climb from its daily lows of $59.00.
While zooming out and looking at LTC’s one-month performance, it grows clear that its recent volatility has favored the cryptocurrency’s bulls, as it is currently trading up significantly from its 30-day lows of under $50 that were set in late-October.
LTC’s recent rise from its monthly lows appears to be largely influenced by Bitcoin’s massive surge that came about in late-October after the Chinese President offered bullish remarks on blockchain technology.
Mitoshi Kaku, a popular cryptocurrency analyst on Twitter, explained in a recent tweet that he believes LTC may be entering a pivoting point that leads it to climb significantly higher in the near-term, which means that its ongoing surge may just be getting started.
“$LTC Leaving ‘pivot week’ behind. I think I might hold onto this one for a little bit,” he said while pointing to the below chart.
$LTC Leaving "pivot week" behind. I think I might hold onto this one for a little bit. pic.twitter.com/27nTJTyiTb
— Mitoshi Kaku (@CryptoSays) November 8, 2019
Could LTC Be Positioned For an 80% Surge?
Galaxy, another popular cryptocurrency analyst on Twitter, recently echoed Kaku’s bullish sentiment, explaining that he believes Litecoin could surge as much as 80% against its Bitcoin trading pair in the coming several months.
“New fav: $LTC. The day when everybody starts to love it again might be sooner than we think,” he said while pointing to the chart seen below.
New fav: $LTC
The day when everybody starts to love it again might be sooner than we think. pic.twitter.com/mqNnhtVJKu
— Galaxy (@galaxyBTC) November 9, 2019
In the near-term, Litecoin may see some further upside in spite of Bitcoin’s bout of bearish trading, but in the long-term it is appearing to be increasingly likely that LTC will post significantly further gains against BTC.
Featured image from Shutterstock.
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