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Litecoin's Next Target Set at $80 by Renowned Crypto Analyst

Litecoin (LTC) has contributed to the overall increase in the global cryptocurrency market capitalization, with a 7.48% rise over the past 24 hours and a 7.87% increase over the past week.

Litecoin Logo on Newspaper Page
Litecoin Logo on Newspaper Page

The altcoin's strong performance has also led to a 5.71% and 5.43% increase against Bitcoin (BTC) and Ethereum (ETH), respectively.

According to Michaël van de Poppe, a crypto analyst known as @CryptoMichNL on Twitter, LTC's movement has followed the path he previously predicted. However, he noted that he could not enter the market himself. In a tweet from the previous day, Van de Poppe stated that if LTC's price breaks above the $72 resistance level, which it has, there could be a swift continuation to the $80 target within the next 48 hours.

Currently, LTC's price has broken above the 9-day and 20-day exponential moving average (EMA) lines but faced resistance at $78 before dropping back down to its current level. Technical indicators on the daily chart still point to bullish momentum, with the 9-day EMA crossing above the 20-day EMA and supporting the price. Additionally, the daily relative strength index (RSI) is positioned above the daily RSI simple moving average (SMA) and sloping upward towards the overbought territory.

Crypto Market Cap Rises 0.61% in 24 Hours

The overall cryptocurrency market capitalization has seen a 0.61% increase in the past 24 hours, according to CoinMarketCap, bringing the total market cap to approximately $799.27 billion. The strong performance of various cryptocurrencies, including Litecoin, has supported this upward trend.