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Veteran Trader Says Litecoin (LTC) Set to Rally Towards $400
Peter Brandt noted that one of the largest cryptocurrencies by market cap already broke a critical resistance area.
Litecoin’s (LTC) price had been pumped over 40% in the last few days amid a renewed buying interest surrounding the cryptocurrency, now exchanging hands at $287.48. The coin managed to refresh its 6-month highs after breaking a critical resistance formed around $232.21, which helped cap LTC gains in the short and mid-term.
The recovery from the lows of July at $103.82 is now a bullish construction that is deploying into a golden crossover of the 50-day simple moving average with the 200-daily simple moving average at the daily chart across the board.
Although no fundamentals can be directly attributed to the current bullish mood in Litecoin, it should be noted that the LTC network had been experiencing a significant increase in on-chain activity. In fact, perpetual swaps volume crossed the $7.54 billion milestone, implying that the demand for the asset had increased.
Peter Brandt, a well-known veteran trader, and analyst, recently tweeted about the current price action of Litecoin, which is aligned with the current dynamics that favor the bullish scenario.
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That said, Brandt suggests that as LTC broke above September’s highs, the cryptocurrency is poised to retest the highs of 2021 at around $395, followed by a critical resistance and psychological level at $400.
Trader’s analysis makes sense from a technical perspective, given that LTC cracked above the highs that it left after the spike from the fake news on Walmart adopting Litecoin as a means of payment. Moreover, the crypto is consolidating above the Fibonacci expansion level of 100% at $268.32.
The first hurdle in the middle of the bullish road’s construction is located at $298.63, with the Fibonacci expansion level of 123.6% hovering around that same area. If bulls keep gathering momentum, LTC could pick up bids to extend the rally towards the $347.67 level (Fibonacci expansion zone of 161.8%).
In a bearish outlook, once Litecoin plunges below the $232.21 area, the 200 SMA could be the next hurdle for the sellers in the midst of the sell-off that it could be triggered, although that scenario is far from being materialized in the short term.