Litecoin is one of the best performing cryptocurrencies today. The price has again risen above the psychological $100 level and according to some crypto analysts the price can rise much further.
In this article, we look at why a well-known crypto analyst called ‘World of Charts’ expects the price to rise to $400.
Why the Litecoin price can rise to $400
The crypto analyst from ‘World of Charts’ highlights a technical pattern that may indicate an impending price rise. He does not think it is impossible that Litecoin can match or even exceed its record high of May 2021, when the coin reached a top of $410.
His price prediction is based on a breakout of a bull flag pattern. The LTC price has broken out of this pattern on the upside and has even successfully tested the support level, indicating a continuation of the upward trend.
In addition, other metrics also give a positive signal. The MVRV ratio, an indicator that shows whether a coin is overheated, is still relatively low, suggesting that the Litecoin price still has plenty of room to grow.
Growing network activity and the impact on the Litecoin price
Additionally, other on-chain indicators point to growth within the altcoin network. There has been a significant increase in both the number of daily active addresses and the daily transaction volume on the network.
This trend indicates increasing use and therefore a growing demand for the LTC coin. Historically, this is often a harbinger of an upward movement in price.
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Source: https://newsbit.nl/hoe-litecoin-naar-een-prijs-van-400-kan-klimmen/
