A widely followed crypto analyst is predicting that Litecoin (LTC) will extend its massive rally, but only if a certain condition is met.
Crypto strategist Justin Bennett says in a new issue of his newsletter that Litecoin bulls will have to defend a key price level or the rally may implode.
Bennett says Litecoin’s price of $73.20 is playing a pivotal role in its current rally since it has flipped to a level of support after acting as a level of resistance earlier this month and back in May. He says if Litecoin closes below $73.20, it will flip back to a resistance level and the token will likely start to dip.
“LTC has been on a tear recently, taking out the confluence of resistance at $73.20, which has now flipped to support. If that area holds, I think we see LTC continue higher here into $96.50 and potentially $128. Alternatively, a daily close back below $73.20 would signal a bearish fakeout and end the rally.”
Litecoin previously traded at both the $96.50 and the $128 price levels earlier this year. For Litecoin to reach those price levels again, it would need to rally another 24% or 64% respectively from its current value.
LTC has seen a significant increase in price over the past few weeks, reaching a high of $82.63 in November, a nearly 50% increase from its price tag of $55.11 at the beginning of the month. It has since stabilized and is changing hands for $77.82 at time of writing.
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