Litecoin Price Prediction: Is Now a Great Time to Buy LTC?

Bitcoin has risen above $95.5 thousand over the past two days, sparking a wave of altcoin speculation, led by Litecoin (LTC). Demand for risky cryptoassets has helped LTC's price signal bullish sentiment in the near future, especially after the consolidation over the past few years. According to the latest market data, the price of LTC has risen over 14 percent in the past two weeks and is trading at around $87.38 on Friday, in the last trading session of North America. Mid-term expectations for LTC price On the weekly timeframe, the LTC price has been adhering to the upward logarithmic trend established for the last six years. After the recent rally, the LTC price is well positioned to retest the all-time high above $359 in the near term.

For leveraged crypto traders, placing a stop-loss order slightly below the $62 level and a mid-term target of around $359 will give a risk/reward ratio of 0.42 to 2.9. The mid-term bullish sentiment for LTC price is reinforced by the fact that this altcoin has formed higher highs and higher lows since the end of 2022 to date. The fundamental outlook for the Litecoin network The Litecoin network has seen significant growth over the past few years, driven by increasing demand from institutional investors. Some fund managers - leading the way are CoinShares, Grayscale, and Canary Capital - are looking to offer a spot LTC ETF in the near future in the United States. As a result, the trading volume greater than $100,000 on the Litecoin network has skyrocketed by $52.33 billion in the last seven days. According to market data from IntoTheBlock, the LTC price has recorded a correlation with BTC of 0.88 out of 1 over the past 30 days.