Litecoin Price Soon to Hit New ATH
As Coinpedia earlier reported that Litecoin price may soon hit $200, the day has finally arrived. The LTC price smashed $200 levels with a mega rally that soared the price from $188 levels to $209 in the early trading hours.
One of the possible reasons of the surge may be the immense purchase of LTC by a popular hedge fund, Grayscale. The hedge fund has purchased more than 20041 LTC worth nearly $4 million in the last 24 hours.
The Litecoin price rally is expected to hit its ATH very soon, however, according to analyst silver bullet, LTC price is extremely undervalued and had to be at least $1K
The Grayscale purchase also included accelerated Etheruem purchases and bought nearly 100K ETH in the last seven days.
Litecoin Price Analysis
Litecoin price showcased a stratergic price movement that included a price surge followed by a small consolidation. The initial rally had escorted the price to more than $166 levels, however a steep plunge bought back the price close to $122 levels.
Despite the plunge, the LTC price headed strongly towards the lost positions, yet dipped again to $116 but remained above $100. At present, the LTC price surpassed the $200 levels, jumping nearly 20% and smashed the yearly highs above $206.
As plunges are part of every bull rally, LTC price also experienced a slight pullback below $200 levels. Currently, at the time of writing, the LTC price is $196.14 with a jump of 5.92% in the last 24 hours.
- The resistance levels are formed at the yearly highs at $209 and the price needs to rally to these levels and break the barriers to surge towards the ATH at $375.29
- The support levels are formed at $176 and if it fails to sustain it may revisit the levels as low as $164
- The technical indicators for Litecoin price indicate at a ‘buy’ signal