Litecoin is going to $400, says trading veteran Peter Brandt
- Analysts have noted capital rotation from Bitcoin to Litecoin markets as LTC continues upward climb.
- 88% of wallet addresses holding Litecoin are currently profitable based on IntoTheBlock data.
- Litecoin has offered the third-highest risk-adjusted returns over the past 24 hours.
- A renowned analyst has projected that LTC price is likely to retest $395 on account of its expanding volume.
The fourteenth largest cryptocurrency by market capitalization has posted nearly 35% gains over the past week. Litecoin’s explosive growth has triggered a rally to $270.40.
Analysts bullish on Litecoin as LTC price continues to climb
Litecoin price has skyrocketed, moving past $273.43 as capital from Bitcoin has rotated into the altcoin. Proponents have stated that the explosive growth in Litecoin is triggered by the rumors of Walmart accepting LTC payments.
Despite the rumors being debunked; Litecoin price has continued its rise.
Litecoin has offered the third-highest risk-adjusted returns over the past 24 hours. Based on data from crypto intelligence platform IntoTheBlock, 88% of the wallet addresses holding Litecoin are currently profitable.
The LTC network has witnessed a spike in on-chain activity, and perpetual swaps volume has crossed $7.54 billion. A perpetual swap is a derivative where users buy or sell the value of the underlying asset. Perpetual swaps volume is considered a key indicator of demand for the asset by market participants.
Leading forex trader and analyst Peter Brandt shared his bullish outlook on LTC price in a recent tweet:
Litecoin $LTC has broken above Sep high on expanding volume and WBBs so expect retest of 2021 high at 395 or so. pic.twitter.com/BkG0zjo8dW
— Peter Brandt (@PeterLBrandt) November 9, 2021
Brandt notes that the LTC price has breached its September high. The analyst expects a retest of the altcoin’s 2021 high, with a target of $395.
@rektcapital shared Brandt’s bullish outlook and traced a path for LTC price based on its historical performance. The analyst argues that the last time LTC price hit these highs, it continued upward and moved higher.
@rektcapital mentions the need for a daily close above $225 for the LTC price rally to continue.
$LTC / USD - #LTC #Litecoin
— Rekt Capital (@rektcapital) November 9, 2021
The last time LTC was at these highs, it followed the blue path before moving higher
Let's see how the Daily closes today but a Daily Close above $225 (green) could set this blue path in motion#Crypto https://t.co/MfTd3P6UW7 pic.twitter.com/H4fs2DkeHl
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
