Despite copying the king of crypto, Litecoin has made a position among the top 14 cryptocurrencies with a market value of $17.28. As of November 2021, Litecoin has a net circulating value of 82%, which comes to around 68,933,033 LTC, and this circulation is increasing with every block solved on its network as a means of mining. LTC has a strong potential to make a fresh all-time high.
Litecoin Price Analysis
Litecoin breakout indicates a newfound buyer sentiment in this cryptocurrency. Since this sentiment has begun to unravel recently, we can expect the price action to continue in the upwards trajectory. The all-time high of $415 is still far away, but considering the main body of each candle on a monthly chart time frame, LTC is closing on to an important level of $275.
Litecoin was created as a replica of Bitcoin’s algorithm, development, and features. While the prices maintained an upside movement till the first half of 2021, we witnessed a nerve-wracking breakdown in May 2021. LTC has failed to recuperate since the fall of May 2021 and remained ahead of the price action.
The rise from $2 towards a high of $318 in 2018 was breached in May 2021, which subsequently resulted in a huge crash of crypto valuations. The downfall of values hasn’t reached the lows of the previous swing but instead formed strong support around $100.
This support level has been crucial in the price trends we are currently witnessing. Subsequently, after four months of consolidative movement primarily in monthly perspective from June 2021 to September 2021, Litecoin has finally shown a buying strength in October 2021. This momentum has continued so far in November, and the continuation of this rally could help Litecoin breach the important level of $275 as per our LTC price prediction.
Buying sentiment can be seen not only from the higher highs and breakout candles of the last two days, but the same has also been indicated from the RSI levels and transaction volumes. Fibonacci charts indicate support at the 23.8% line, which is in sync with the value of $200.
Consistently hitting new milestones in terms of price levels has helped the movement to keep climbing towards new highs. $200 has now emerged as immediate solid support for the current price movement, and Litecoin has finally crossed $250 in intraday transactions. Crossing $275 and consolidation around $275 will be crucial for sustaining the recent rally we are witnessing.