Cryptocurrency markets are trying to recover from yesterday’s decline. Litecoin (LTC), one of the oldest altcoins , continued to increase, not affected by this withdrawal. The popular altcoin, which opened on May 3 with $ 268, has reached $ 341 today. This corresponds to an increase of 27%. Experienced analyst Benson Toti commented on the increase LTC has shown in recent days and shared his conclusions.
Founded in 2011, Litecoin has been among the top 10 cryptocurrencies for most of the time since its establishment . The price of LTC, which reached the highest peak in history by reaching $ 375 in December 2017, had a decrease to $ 35 since that day. With this year’s bull season, the popular altcoin LTC, struggling to return to its old days, may be close to breaking this record. Experienced analyst Benson Toti explained what it takes to make this happen.
Technical Indicators for Litecoin Are Very Positive
Stating that $ 342 is the highest price for Litecoin in the last 3.5 years, Toti stated that “digital silver” faced a spree of buying. The popular analyst also mentioned that the bulls are targeting a higher price. Benson Toti said that LTC, which hovered at $ 323 at the time of the news, could break the old record with the momentum. Stating that there was a 17% increase in the LTC / BTC parity, the analyst emphasized that this was an indication that there was an inflow of money into the altcoin market.
Experienced analyst explained that a reverse head and shoulder pattern formed on the 4-hour price chart, and the uptrend started with the break of this. Stating that the bulls comfortably passed the great resistance at $ 268, Toti said that the price of Litceoin started a rapid rally towards $ 307 and $ 342. Toti noted that there was a small downside correction after this point, with the bulls making great efforts to keep the price above $ 328.
The famous analyst Benson Toti, who said that technical indicators signal the increase, emphasized that it is an important sign that the LTC price remains above the 50-day simple moving average (SMA) and 20-day exponential moving average (EMA). Stating that other indicators also signaled an upward move, Toti announced that the target of $ 375 could come in the short term. The next targets could be the $ 400 and $ 500 levels.
Benson Toti also explained what can happen in a fall. The first support for the popular altcoin Litecoin is in the $ 300 band. If there is a return at this level, the increase scenario will also remain valid. According to Toti, the outlook will only turn to negative if there is a drop below $ 272.
Investors Are Very Satisfied With The Situation
Famous cryptocurrency analyst Lark Davis said, “Litecoin is on the rise! he tweeted. Investors who responded to this tweet stated how happy they are with this situation. Stating that they are looking forward to this rise, investors said that they are looking forward to the $ 600 levels to come.
#litecoin finally taking off!
— Lark Davis (@TheCryptoLark) May 5, 2021
“Player Card” Sold for $ 1.68 Million in Litecoin
There was an interesting sale recently. A card signed by world-famous American football player Tom Brady was sold for $ 1.68 million in LTC at the auction. While Goldin Auctions brokered this transaction, it was also stated that it was the biggest sale in the history of the company. The identity of the person who received this card, signed by Tom Brady, who won the Super Bowl 7 times, was not disclosed. While the LTC price was $ 260 at the time of the sale, this figure is now $ 340. This means that the value of the card is 2.2 million dollars today.