Litecoin Price Prediction: LTC May Be Headed For $240

The Litecoin price has been steady after being in the limelight on Monday. At the time of writing, the LTC token was trading slightly higher at $190. The coin has been trading more than 54% below its highest point this year in May. Nonetheless, Litecoin is more than 83% above its lowest level this year. It has a total market capitalization of $12.6 billion. LTC ranks as the 15th largest digital asset in the world, sandwiched between Avalanche and Binance USD.

LTC Is At A Standstill

The current Litecoin price performance is in line with most cryptocurrencies. Recently, the global crypto market has been under intense pressure as the world’s leading cryptocurrency failed to jump back to its $50K crucial level.

However, in the past few days, the general cryptocurrency market has hinted at a rebound. Data by CoinMarketCap shows that the global crypto market capitalization has jumped 3.67% in the last 24 hours to $2.20 trillion.

The LTC price rocketed nearly 30% on Monday before handing back the same gains later that day. The surge in its price followed a fake press release sent out by GlobeNewswire on the Walmart tie-up. The press release falsely claimed that the world’s largest retailer would allow online shoppers to purchase using Litecoin. However, GlobeNewswire removed the press release from its website and announced that it was by a fraud account.

While the LTC price outlook remains uncertain, most analysts seem optimistic. However, more buyers will need to join the trade to push the price higher.

Litecoin Price Analysis

The daily chart shows that the Litecoin price has been struggling to rebound from Monday’s losses. It is moving above the 50-day and 100-day moving averages, which is a bullish indicator. However, it remains slightly below the 200-day moving average.

Therefore, the LTC price is likely to continue edging higher as bulls target $240. However, a move below the key support level at $170 will invalidate this view.