Well-known analyst Peter Brandt is confident that the bullish mood will continue in the long term, and the cryptocurrency will overcome new highs following the upward trend.
Litecoin is in high demand among institutional investors, and it looks like new highs are just around the corner. During this week, the altcoin's price has increased by more than 40%, and now Litecoin is trading at $266.
Altcoin updated its half-year highs and broke out from the resistance level, which was around $232. Now you can observe a significant increase in activity, based on the indicators of on-chain activity, which accompanies the growth of the cryptocurrency.
The volume of perpetual swaps has crossed the $7 billion milestone, and the demand for altcoin has increased significantly.
Altcoin will be trading at the $400 turn. Brandt believes that once the September highs are overcome, the altcoin will again be able to retest the 2021 highs at around $395.
After breaking this mark, physical resistance and psychological level at around $400 will follow.
LTC continues to be in an upward trend as Walmart uses Litecoin and allows buyers to pay with cryptocurrency for purchases, however, according to official figures, it turned out that this was nothing more than rumors, but they allowed Litecoin to rise in price.
The altcoin is now consolidating above the 100 percent Fibonacci level. If the bullish sentiment continues and the demand for altcoin continues to increase, more and more new buyers for the crypto asset will appear.
The next stop should be at $400. However, if Litecoin falls below the $232 mark this month, it could trigger a massive sell-off and become a big obstacle to updating new all-time highs. However, for now, the cryptocurrency is in the tight grip of the bulls.
The material has been provided by InstaForex Company - www.instaforex.com