The price of the popular altcoin Litecoin is trading at $ 325, with a 14% return in the past 24 hours at the time of writing. However, according to a cryptocurrency trader, the Litecoin price will run so hard that it will mentally affect those who fall behind.
Trader: I don’t believe we’ll see $ 7,000 this year for the popular altcoin
Experienced cryptocurrency trader Julio_LTC gives a strong price target for LTC. The analyst is very optimistic that the LTC has exceeded a measured Relative Strength Index (RSI). This metric is used to evaluate price momentum within a lower timeframe. If the price action is invalidated, LTC could move towards a critical support level of $ 218.
According to this analyst, LTC seems to be related to the performance of Ethereum rather than Bitcoin. As a result, according to Julio_LTC, Litecoin’s bullish momentum could cool or increase further if ETH continues the bullish train. According to Julio_LTC, if LTC reaches its target, it could see a stronger momentum towards a higher price. Trader said the following on the subject:
I don’t believe we’ll see $ 7,000 this year, but LTC’s $ 3,000-5. I also believe it could fall within the $ 000 range. LTC is a late crypto player. Litecoin will work so hard that it will mentally affect those who are left behind. The bags are packaged and ready to be launched. The BTC couple is telling a story and I want us all to be part of that story.
Analisdollarser: For the performance of LTC, investors should closely monitor the performance of ETH.
On-chain activity showed mixed signals in Litecoin’s network transaction volume. However, the number of addresses received reached the highest level of a month on May 3 with 12.771. As the chart shows, if LTC recovers, a major resistance between $ 332 and $ 340 is likely. As stated before, for the performance of LTC, investors should closely monitor the performance of ETH.