“The Silver of Cryptos” Litecoin shoots 24% within 24 hours – Should you Buy Litecoin?

With the 20k target of Bitcoin achieved, Litecoin’s own target of USD 100 was also reached. This comes as no surprise, seeing that the majority of cryptocurrencies were also impacted by the major news. This definitely marks a milestone for the cryptocurrency market, as it turns the page to new chapters, marked as new price targets. Should you own Litecoin as part of your portfolio?

Litecoin Price shoots 24% – Technical Analysis

It was no surprise that Litecoin, which is considered the silver of cryptocurrencies, would follow Bitcoin’s path into higher highs. In the last 24 hours, Litecoin’s price shot 24%, from USD 82 to USD 106. This comes as a major achievement for Litecoin, as it successfully broke through its resistance price of USD 80, and the fear of a fakeout was eradicated by this major price shot.

LTC/USD 1-Day chart – A price shoot breaking previous consolidation
Fig.1 LTC/USD 1-Day chart – A price shoot breaking previous consolidation – TradingView

Litecoin’s path looks quite PROMISING

Litecoin didn’t even reach half the price of its previous all-time high, which was around USD 370 back in 2017. Contrary to Bitcoin, Litecoin is still way farther from its price target. In fact, we can break Litecoin’s “road to ATH” into 3 price targets:

  • USD 140
  • USD 220
  • USD 310
LTC/USD 1-Week chart, showing 3 price targets to be reached
Fig.2 LTC/USD 1-Week chart, showing 3 price targets to be reached – TradingView

Based on figure 2 above, investing in Litecoin today might x3 your investments in the long term, if prices successfully reach target#3. A sensible stop-loss price of USD 70 should be in place though, in case things go south. So for long term investors who are just about to enter the market, here’s a nice setup:

  • Stop-Loss level: USD 70 (32% loss)
  • Take-Profit level: USD 300 (191% gain)

In the cryptocurrency sphere, high percentages of gains and losses are very normal, unlike in the equity markets, where 1-5% are considered a lot, it might be peanuts compared to the crypto markets.

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Rudy Fares

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Litecoin price
Litecoin price© Cryptoticker
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