Crypto strategist CrypNuevo predicts Litecoin growth by 40%

Litecoin (LTC) recently gained 10.32% over the week, which has caused a positive mood among traders and analysts who expect further growth of the virtual coin. The main factor that contributed to the positive dynamics was the active actions of crypto kits. Thus, over the past seven days, the volume of transactions from whales amounted to $ 17.3 billion, which increased optimism about the future of LTC.

CrypNuevo analyst predicts that Litecoin could grow by another 40% after breaking out of the current price pattern. He notes that LTC has already broken out of the downward wedge, which signals the end of the previous downtrend and possible further growth to the resistance level of $ 94.7. However, other analysts warn of possible fluctuations, noting that historical cycles show the potential for LTC to grow in 2024−2025.

At the time of publication, Litecoin is trading at $ 66.34, with daily trading volumes up over 8% to $ 228.9 million. Additionally, the Advance Decline Ratio(a technical indicator used to gauge sentiment in the stock market — ed.) and the RVGI indicator(a technical oscillator designed to measure the strength of price movements in the market — ed.) also confirm the positive prospects for LTC.

Thus, if LTC is able to gain a foothold above the $ 69.02 resistance level on the daily chart, it could signal a further breakout to the next resistance level of $ 76.67.