Litecoin Price Prediction as Bitcoin’s Rally Spurs 5% Spike for LTC: Are Investors Shifting Towards LTC?
The price of Litecoin (LTC) has dropped by 2% in the past 24 hours, with its fall to $68.57 erasing some of the gains it made during yesterday's market-wide rally.
Yet LTC remains up by an impressive 10% in the past week, as well as by 7% in a month, as growing positivity surrounding potential Bitcoin ETF approval fees into demand for altcoins.
LTC also remains up by 30% in the last 12 months, with the market's steadily improving momentum likely to help the altcoin have a strong end to the year.
Litecoin's indicators are in a promising position, in that they show increased momentum at a time when they have plenty of space left to rise further before the altcoin becomes overbought.
Firstly, LTC's relative strength index (purple) is hovering above 60 after rising strongly in the past few days, implying that it could still rise to 70 and beyond before this week's moves are played out.
Perhaps even more encouragingly, the coin's 30-day exponential moving average (yellow) has only just begun rising up towards its 200-day average (blue).
This would imply that LTC remains largely oversold and undervalued, which in turn implies that are bigger gains and rallies are yet to come.
And while LTC has dipped a little this morning, its steadly improving support level (green) indicates that it isn't going to fall much further before rallying again.
As noted above, LTC has gained in the past couple of days as a result of the expectation that a Bitcoin ETF (or several) will soon be formally approved by the SEC.
Needless to say, this would provide the entire market with a massive boost, yet it would also be particularly beneficial for Bitcoin forks such as Litecoin, which may eventually see its own ETFs.
Based on this assumption, it's realistic to
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