A trader who skillfully rode this year’s crypto turnaround is updating his outlook on the peer-to-peer payments network Litecoin (LTC).
Pseudonymous crypto strategist DonAlt tells his 486,900 Twitter followers that he believes that the time is ticking for Litecoin to make a move.
According to the crypto analyst, Litecoin could rapidly surge by over 100% if it manages to break out of its current range.
“It’s back at $90.
Break this cursed level and we’ll be at $200 faster than you can imagine.
Get rekt here again and LTC deserves to go to zero.”
At time of writing, Litecoin is trading for $91.40, up over 2% in the last 24 hours.
Although DonAlt sees massive upside potential for Litecoin, he tells his 50,800 YouTube subscribers that the current market environment makes it difficult for LTC bulls to ignite a rally.
“I think that one is interesting because it has a narrative, but that narrative has to play out pretty soon, too. That’s the problem with that one given Litecoin halving is in (about) 70 days, and that’s pretty soon, which means if you want to get a pump into the event or at least a little bit before it, that would have to happen pretty soon, and the altcoin market isn’t really doing too well…
That makes it an uphill battle for something like this to actually play out.”
The Litecoin halving is expected to happen on August 2nd of this year.
I
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inboxGenerated Image: Midjourney