Litecoin on the way to $100 and More!

Litecoin bounces off support and is on the way to testing its $100 resistance level. Let's learn more about Litecoin, how it compares to BTC, and where it is heading next!

The details: Litecoin (LTC) is a well-known cryptocurrency that has been around since 2011. As one of the oldest altcoins in the market, it has a longer history of data that investors and traders can use to analyze price trends and make informed decisions.

Litecoin's Relationship with Bitcoin

One interesting trend that has emerged from studying Litecoin's historical data is that it tends to reach its high and low points before Bitcoin.

For example, in the previous bull run, Litecoin reached its all-time high in May 2021, while Bitcoin reached its all-time high in November 2021. This trend continued in 2022, when Litecoin reached its lowest point in June, while Bitcoin's lowest point occurred in November.

This trend suggests that Litecoin can be a useful indicator for predicting Bitcoin's future price movements. However, since we are currently not close to Bitcoin's next all-time high, we won't focus on that today.

What Happens Next?

Currently, Litecoin is recovering from a correction that brought its price down to the $65 support level. The cryptocurrency is now on track to re-test the $100 resistance level, and if it breaks above that, it may move towards the $240 resistance level.

However, it is unlikely that Litecoin will reach $240 any time soon unless Bitcoin experiences a major bull run this year. Based on the four-year cycle that Bitcoin and the overall crypto market tend to follow, Litecoin may reach $240 sometime in 2024 or 2025.

In case of a correction, Litecoin has the $65 and $40 support levels ready to jump in. Additionally, the 200 SMA acts as a mobile support level.