As the FTX-induced devastation in the cryptocurrency sector continues, Litecoin (LTC) has held its own and even climbed over 10% on November 22 to be one of the crypto markets’ top gainers.
The ascent of Litecoin seems to have piqued some interest, given the current climate in the cryptocurrency market, and investors are seemingly on the lookout for the next levels to monitor.
Notably, the crypto community at CoinMarketCap, using the Price Estimate tool, sets the price of Litecoin to trade at an average of $58.36 by December 31, 2022, according to the data retrieved by Finbold on November 22.
If the community’s predictions, which result from 317 votes cast by press time, materialize, they would represent a decrease of $11.95 or -16.99% to the current price of $70.01.
Litecoin technical analysis
It’s worth mentioning that the technical analysis (TA) indicators for Litecoin are bullish on the daily gauges. The summary gauge points to a ‘strong buy’ sentiment at 17, similar to the moving averages (MA), which suggest a ‘strong buy’ at 14.
The oscillators indicate a ‘buy’ sentiment at 3, while the majority (8) occupy the ‘neutral’ zone, according to the data obtained from the market analytics platform TradingView on November 22.
Notably, crypto analytics platform LunarCrush noted on November 21:
“While the crypto market is experiencing yet another down day, Litecoin is holding up surprisingly well with positive social + market activity relative to other majors.”
LTC price analysis
Economist and crypto trader Christopher Inks highlighted on November 22 that Litecoin might potentially rally another 45-50%:
“Litecoin found support and rallied off the HVN area of the 5 year range in June. Breaking out above the local swing high at 73.29 will give the rally some legs to the tune of around 45-50% at least. $LTCUSD”
Elsewhere, the President of Bianco Research LLC, Jim Bianco, reaffirmed Litecoin as the best performer of the major cryptocurrencies since the story about FTX’s balance sheet on November 2.
Currently, Litecoin is trading at $70.01, up 14.34% in the last 24 hours and a further 18% across the previous week. Litecoin has a total market worth of $5 billion, according to data acquired by Finbold at the time of publication.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
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