A widely followed crypto analyst is predicting that Litecoin (LTC) will extend its massive rally, but only if a certain condition is met.
Crypto strategist Justin Bennett says in a new issue of his newsletter that Litecoin bulls will have to defend a key price level or the rally may implode.
Bennett says Litecoin’s price of $73.20 is playing a pivotal role in its current rally since it has flipped to a level of support after acting as a level of resistance earlier this month and back in May. He says if Litecoin closes below $73.20, it will flip back to a resistance level and the token will likely start to dip.
“LTC has been on a tear recently, taking out the confluence of resistance at $73.20, which has now flipped to support. If that area holds, I think we see LTC continue higher here into $96.50 and potentially $128. Alternatively, a daily close back below $73.20 would signal a bearish fakeout and end the rally.”
Litecoin previously traded at both the $96.50 and the $128 price levels earlier this year. For Litecoin to reach those price levels again, it would need to rally another 24% or 64% respectively from its current value.
LTC has seen a significant increase in price over the past few weeks, reaching a high of $82.63 in November, a nearly 50% increase from its price tag of $55.11 at the beginning of the month. It has since stabilized and is changing hands for $77.82 at time of writing.
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on X, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/SF Textitle Design
