Litecoin is among the cryptocurrencies which is not much talked about and hence speculated to remain much below the average levels from a very long time. The asset being much more primitive than the current popular tokens ranged silently to hit levels as high as $413 amid the 2021 bull run. This was when the LTC price surpassed the $100 mark after a pretty long time and gained attention.
Currently, after draining a huge amount of value, the asset is at a risk of loading much more, yet the upcoming rally is pretty much bullish which may uplift the price towards its previous highs yet again. In the short-term the LTC price is extremely bearish as the fresh plunge following a minor consolidation, has formed a huge bearish flag for the asset. And hence the asset is feared to hit the lower support close to $60.
The asset in the long term, is pretty bearish as if it breaks through the pattern then the price may slash down mercilessly close to $60 or even less. Here’s when a huge influx of liquidity may be expected that could flip the trend quickly.
Litecoin (LTC) Price To Rebound and Initiate a Massive Rally
However, in the long term, the LTC price is extremely bullish and primed to surge more than 750% to reach its ATH initially and later range towards a higher target.
As per the chart posted by a popular analyst, the LTC price in the higher time frame looks pretty strong. However, the correction is not over yet and another massive plunge is on its way which may open the doors for the buyers to accumulate at discounted prices.
The analyst believes the best buy would be in between $65-$75 which may result in a 750% bull run. The huge bull run may escort the price to as high as $500.
Collectively the short term market sentiments are extremely bearish with a 40% to 50% correction waiting ahead. Yet the long term sentiments are pretty bullish with nealy 750% gains in order to hit $500 at the earliest.