Litecoin (LTC) rebounds sharply from January lows


The past two weeks have been quite impressive for Litecoin (LTC) bulls. After hitting major lows in January, the coin has been rebounding sharply. A look at indicators suggests that bullish momentum could push LTC towards $140. Here are some highlights:

  • After bottoming at $97, Litecoin (LTC) has rallied nearly 30% in a sharp rebound over the last two weeks.

  • At press time, the coin was trading at $128.50, up by around 2% in 24-hour intraday trading.

  • The break-out appears quite strong and could realistically push LTC towards the $140 mark in the coming days.

Data Source: 

Litecoin (LTC) – Why the recovery is just getting started

Like most coins, the January sell-off had a huge impact on Litecoin (LTC). The token managed to trade in and out of the $100 mark but finally bottomed at around $97. LTC has however rallied in the last two weeks or so. 

It is now nearly 30% up from that level and this bullish breakout is just getting started. We expect bulls to push the price action well above $140 in the coming days. The key now is to watch if bulls will keep LTC above the next support level of $120. 

If this doesn’t happen, then it is likely that the coin will slide back to its strong demand zone of $105. But all signs are pointing towards an upward rally. LTC has for example smashed past its 20-day moving average and is testing the 50-day MA as well.

Why you should buy Litecoin (LTC)

It seems like Litecoin is on a path towards full recovery. Although the coin may not hit its 2021 highs in the coming days, it has put together a decent uptrend that could bring back some of the losses reported in January. Besides, from a long-term point of view, LTC has always been a decent buy. Check out our LTC price prediction page for more insight and forecasting.

We will be happy to hear your thoughts

Leave a reply

Recent Infos
Compare items
  • Total (0)