Litecoin correction contained at $64 support
Michael van de Poppe expects a 22% increase in the price of LTC
LTC is a good buy for short term investors on the current retracement
Litecoin (LTC/USD) may well be in for another bullish rally. Despite the cryptocurrency cooling off from its recent gains, the bulls have defended the $64 support as the price pulled back. LTC has now started a short term recovery above the support.
While the technicals paint a possible rally in LTC, crypto analyst Michael van de Poppe says the uptrend will continue. Poppe says that the price of LTC could increase by at least 22% from the current price level. To emphasize his point, the analyst added that Litecoin is showing strength. He says he would be interested in some scalp trades at the $69 level, with options to go long around the $66.75 level, targeting $78 and $84. LTC traded at $67.48 as of press time and was on a minor correction.
Meanwhile, development activity on Litecoin is on the rise. Sentiment data indicates that activity picked up strongly in September before peaking in October. As of December 27, Litecoin was the second most active chain. Bitcoin recorded $2.88 billion in transaction volume, followed by $3.98 billion.
LTC retraces to 38.2% Fibonacci level but holds above $64 support
Incorporating the Fibonacci retracement level on the LTC daily chart, the coin price started a recovery from the 38.2% Fibonacci retracement level. The momentum picked up as the cryptocurrency recovered the 50% Fibonacci level. LTC is also maintaining a short term bullish trend. The bulls have now successfully defended the $64 support level.
ltc closing consideration
Align to Technicals and Fundamentals LTC Price. There is a clear uptrend with the price correcting from key levels, which is a bullish move for the cryptocurrency.
LTC is a good buy with a price potential of up to $84, the previous resistance level. However, the buyers will still target the areas around the $70, 61.8% fib level and the $76, 78.6% fib level. Further upside in LTC will depend on the prevailing fundamentals and developments. Investors can buy on short-term retracements.
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