Litecoin Might Boost to $93 as Suggested by Analyst
At the start of Tuesday at $76, the Litecoin (LTC) price boosted immediately to reach around $80. After that, it corrected back to approximately $76. The LTC price has risen to nearly 7% – 6.67% -, trading at $77.03.
The push through $10,000 of Bitcoin has spread across the vast majority of the market today. It brought almost all altcoins up with it. Litecoin became one of the hardest pumping top 10 altcoins today. And this is because it looks prepared to make up with the losses it experienced previously during the week.
Comments from Analysts
Analyst RidethePig indicated large inflows into Litecoin the other day. And this helps account for the remarkable price growth. Also, RidethePig goes on by saying that LTC seems to look suitable for long positions. And it expects the altcoin price to outperform other major altcoins such as Ripple (XPR) and Ethereum (ETH) as Bitcoin momentum continues.
In the medium term, RidethePig thinks that a price target of $137 is feasible. But before that, Litecoin must break through the $93 region. And the analyst believes that this will happen sometime this month.
Aside from that, analyst Alex Clay has also suggested taking long positions. According to the analyst, LTC has been in a sell zone up until it broke through $75 on February 18. Furthermore, since breaking through the region, the Litecoin price has been perched at about $76 mark. And Alex Clay took this as a bullish sign. Additionally, if this is true, he predicts a first price target of around $80.40 before moving up to $82.29. Then, $84.49 before hitting his fourth price target of $85.49.
Analysts remain bullish overall on Litecoin’s price prospects. However, the market is still as volatile as ever. Now, everyone is hoping that Litecoin will be able to sustain this momentum to hit prices investors have been awaiting.
The Libra
Meanwhile, governments around the world are facing hard decisions to make when it comes to cryptocurrency. They are thinking about whether overregulate it and risk losing the benefits to the economy or do nothing and make themselves exposed to those who step up. Recently, the European Union seems to have a hard time thinking about what to do with Libra, the digital currency which Facebook will release in 2020.
On behalf of the European Commission, Executive Vice-President Donbrovskis released a memo on February 19. And it states that the Libra Association has fallen short in its response to questions from the EU. Thus, all information given by Facebook is still insufficient for knowing the exact nature of Libra and its relation with existing EU law.
But Dombrovskis explained that the Commission is willing to act immediately when it comes to harnessing the potential of crypto. And they will do this by arranging regulations and oversight. And such a position reaffirms their December 25 declaration to police stablecoins and observe any risk to the financial stability of the region.
On the other hand, Facebook CEO Mark Zuckerberg spoke before a U.S. House of Representatives Financial Services Committee last October 13. And lawmakers reiterated similar concerns as the European Commission.
