Litecoin price forecasts are bullish as LTC has broken through the triple top resistance at $80. On Nov. 5, LTC/USD opened at $77.07 and eventually reached a high of $84.85 and a low of $76.86.
LTC/USD is currently trading at $81.35, up more than 9% in 24 hours and more than 10% weekly.
Most dormant tokens move within 4 years
The cryptocurrency industry is expanding as most of its assets emerge from the crisis caused by the demise of the FTX. LTC/USD has risen and is showing signs of further gains ahead.
Litecoin’s recent price rise suggests the Decentralized Finance (DeFi) token could rebound to $100, according to a December 5 tweet from anonymous crypto trading expert Bitcoin Bull.
Santiment, a cryptocurrency market intelligence platform, also tweeted on December 5. According to the post, Litecoin saw the largest number of dormant token movements in four years three weeks ago, as well as a reduction in average token investment aging, both of which are “” ingredients for a bullish breakout.” ”
In addition, the tweet noted that the movement of dormant tokens in a large number of wallets that have been accumulating and storing LTCS for months was a major factor in the price rise above $83 and a sharp 8% increase. Historically, movements in dormant tokens have been a sign of increasing selling pressure across the market. However, Santiment’s analysis is not based on the direction of LTC/USD. At the same time, the value of LTC/USD pairs is increasing.
Busy week ahead: Upcoming PPI highlights
November’s consumer price index is scheduled for release Dec. 13. The upcoming Macroeconomic Week will offer a glimpse into the cryptocurrency market. The U.S. producer price index and unemployment statistics are important factors to watch later in the week as they create at least short-term volatility.
On December 9, the Bureau of Labor Statistics will release PPI data for November 2022. In addition, on December 2, US stocks rejected hotter than expected Labour market data and rebounded from session lows. This suggests that despite the latest jobs data, market participants do not expect the Fed to change its stance and will continue to slow the pace of rate hikes.
While the FTX crisis has broken the tight link between the US stock market and bitcoin, the recent rally suggests a risk-on mentality. It could benefit the cryptocurrency market and encourage investors to buy litecoin. In addition, the value of LTC/USD is currently rising.
LTC hash rates hit record highs
Litecoin’s computing power hit an all-time high of 61,326.72 TH/s on December 3, according to CoinWarz. After July’s plunge, Litecoin’s math has risen 64 percent in just four months. In addition, the average difficulty of the network reached its highest level since its launch on December 3, with a block height of 2,379,925.
According to Messari, that number is 19.42 million. The Litecoin network currently has a hash rate of 587.04 TH/s, a mining difficulty of 20.64 M, and a block height of 2,381,119.
Litecoin price forecast — Up 8% to $83. Can LTC hit $100 by December?
The LTC/USD pair is bullish but meets immediate resistance at $84.85. LTC has formed cross star candles below this level, limiting the uptrend. A bullish break of the $85.85 level has the potential to push LTC up to $88.25.
Litecoin price chart
With the RSI and MACD indicators continuing to indicate a buy trend, Litecoin can set the next resistance level at $92.50.
On the downside, immediate support for LTC is at $80, and a break below that level could take the price of LTC down to $75. Further bearish moves above the $75 level could drive LTC
The cryptocurrency market is bearish right now, but the coins listed below have tremendous upside potential. Let’s find out.
In crypto if you want to take advantage of the next bull market you have to have a premium community where people can stay together and keep perspective. If you are just a person, looking around at a loss, find a person is not, want to stick to in this industry is actually very difficult.
If you want to stay together for warmth, or if you have doubts, welcome to join — public account: Up and down if the sea
Thanks for reading and we’ll see you next time!
