Peter Brandt said that one among the large-cap tokens already broker a crucial resistance zone.
Litecoin (LTC) has gained more than 40% over the past few days, boosted by improved buying interest in Litecoin. For now, the alt exchanges hands near $287.5. The cryptocurrency managed to retest its six-month peaks after cracking a crucial hurdle formed at $232.2.
Keep in mind that the resistance has capped Litecoin surges in the mid-and short-term. The recovery from $103.8 July lows resulted in a bullish structure, shifting into a golden construction as the 50-daily SMA and the 200-daily SMA crosses at the price chart.
Expert Trader Bets on Litecoin
Though we cannot attribute the current impressive rally by Litecoin to any fundamentals, market players should beware that the LTC ecosystem has experienced a considerable surge in on-chain activity. Meanwhile, perp swaps volume attained $7.54 billion, reflecting increased demand for the alternative coin.
Peter Brandt, a recognized analyst, commented on Litecoin’s current price movements, aligning with the dynamics favoring the bullish case. The veteran investor said Litecoin broke past September’s peak and seemed ready to reclaim 2021 highs of around $395. That can see the alt exploring the crucial psychological zone at $400.
Meanwhile, a tech perspective supports trader’s analysis as Litecoin surged beyond the peaks recorded following the fake rumors on Walmart introducing LTC for payments. Moreover, the cryptocurrency consolidates past the FIB expansion of 100%, around $268.3.
LTC Trying to Overcome Crucial Obstacles
Litecoin has its initial obstacle in its bullish construction path at $298.6. Also, the FIB expansion zone at 123.6% hovers around this territory. If bulls gather more momentum, Litecoin might extend its rally high. That way, it can tag the $347.7 level (FIB expansion of 161.8%).
However, if bears step up for LTC to drop under $232.2, the 200 Simple Moving Average might be the next obstacle for sellers amid the possible sell-off. Nevertheless, such a case might be impossible in the near term.
For now, assets appear ready for higher highs. Bitcoin surges after cooling from the latest bullish run. For now, BTC is on an upward road, trading at $68,340. If Bitcoin extends its rises, alts, including Litecoin, will explore their targets.
The information provided on this website should not be interpreted as financial or investment guidance and may not embody the perspectives of Forex Tools Trader or its contributors. Forex Tools Trader does not hold responsibility for any financial setbacks experienced due to the use of information provided on this website by its writers or patrons. It's essential to thoroughly investigate and make informed decisions before entering any financial commitments, particularly concerning third-party reviews, presales, and similar ventures. The content you are viewing may be sponsored content, read our full disclaimer to learn more.