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

1125

2 min

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.

Author: