Why Litecoin will rise in price. Analyst Michaël van de Poppe’s opinion
The expert said that, from a scalping perspective, $78 might be a rebound area for long positions
07.12.2022 - 13:15
1099
2 min
0
The material is not an investment recommendation and is published for information purposes only.
What’s new? Cryptocurrency analyst and trader Michaël van de Poppe expects the rate of Litecoin (LTC) to rise. According to the expert, support levels at $71 and $65 will help the asset grow to $96,65. Van de Poppet said that, from a scalping perspective, $78 might also be a rebound area for long positions. As of December 7, 12:40 UTC, LTC is trading at $76,41, down by 4% in 24 hours, according to Binance.
Patiently waiting for opportunities on #Litecoin.Scalp-wise, around $78 might be a bounce long area too. pic.twitter.com/iyMuQmQiFg
— Michaël van de Poppe (@CryptoMichNL) December 6, 2022
Scalping is a popular strategy in the cryptocurrency market that a trader uses when there are small fluctuations in an asset’s exchange rate during the day to make a profit.
What is known about LTC? It is a fork of the Bitcoin network, launched by developer Charlie Lee in October 2011. The protocol is used for small everyday transactions. Transfers on the network are made with almost zero fees. According to Brand Analytics research at the end of 2021, Litecoin ranks third in popularity among Russian users.
On November 2, the LTC rate rose by 7% in 24 hours after payment operator MoneyGram partnered with Coinme exchange to launch a service for buying and storing BTC, ETH, and LTC. On November 3, Santiment reported that the number of large LTC addresses had increased by 8,2% to more than 1300 since May 27, while the token’s rate had risen by 51% against BTC since June 12. In the same month, the LTC rate renewed its one-year high above $80.
On November 29, Michaël van de Poppe predicted a 23% rise in LINK as it overcame a resistance level. On December 1, Van de Poppet said that BNB, MATIC, and LINK could be on the list of assets to accumulate in December.
Useful material?
Market
Due to supply shortages, the asset’s pre-market exchange rate was climbing above $1000
Dec 16, 2024
Incidents
Reports about the hacking of the exchange with calls to withdraw assets began to spread on December 13
Dec 13, 2024
Crypto regulations
Stablecoins from issuer Circle will not be affected by the changes
Dec 12, 2024
Crypto regulations
The platform will launch after meeting the preconditions of the local exchange authority
Dec 9, 2024
Market
The $1,1 billion figure was reached after the bitcoin correction
Dec 6, 2024
Crypto regulations
By early January, all open positions and loans of local users will be closed and repaid automatically
Dec 5, 2024