Litecoin Sees an Explosive $100 Rally
Litecoin (LTC) and other major cryptocurrencies saw some decent upwards momentum. And this was because of Bitcoin (BTC) incurring an explosive rally this morning. Additionally, it delivered it screaming past $10,000, with today’s break of this level letting it set fresh 2020 highs of $10,400.
LTC has recently seen what seems to be the early stages of its next parabolic rally over the past several weeks. Now, it might become poised for significantly further upside.
In addition to that, a prominent analyst claims that this next leg up will push Litecoin to hit the $100 level. And this is where it may find intense resistance that halts its uptrend.
Also, LTC is currently trading up to more than 3% at its price of $76. This records a notable increase from daily lows of below $73. The recent rally happened during a sudden selloff that the cryptocurrency acquired on Tuesday. Bitcoin dropped to lows of $9,700 sparked it.
It seems that this recent price action is indicative of a firm bull market. This happened as every dip after notable rallies have been short-lasting, making analysts conclude that dips are for buying.
Going to the near-term, famous crypto trader Bagsy discussed that he thinks Litecoin will soon move from its current price of 0.0075 BTC to its next supply zone at 0.0095 BTC.
He tweeted, “LTC Thoughts: IF Bitcoin shows weakness, I think we’ll see a pullback before the move up into the 9K’s, otherwise, I think it’s more likely we follow the yellow path. I’m prepared for either scenario; don’t be that guy that’s overleveraged at resistance.”
In the Next 30 Days
Aside from seeing gains against its BTC trading pair, analysts also expect Litecoin to show gains against USD.
Prominent crypto analyst Satoshi Flipper explained about this in a recent tweet. He told his followers that LTC reaching $100 is one of the easiest trades in the month ahead.
He tweeted, “LTC/USDT to $100. One of the easiest plays for the next 30 days.”
Also, it is essential to note that Litecoin will only brush this kind of upwards momentum if Bitcoin remains in firm bull territory. However, it is possible that the crypto will outperform BTC in the following days and weeks.
China’s Digital Currency
Meanwhile, United States Congressman Bill Foster (D-IL) has asked the Chair of the Federal Reserve Jerome H. Powell on U.S.’s central bank digital currency (CBDC) progress at a hearing on the monetary policy earlier.
Then, Foster started his questions by asking, “Do you think that establishing a digital dollar would help ensure that the U.S. dollar continues to serve as the core of the U.S. and the world’s financial system?”
Powell acknowledged the importance of the dollar to the financial system of the U.S. He believes that having a single government currency at the center of the financial system is something that has served it properly. Also, it is a basic thing that does not really need to be a question.
Moreover, Powell was wary of the role of a CBDC in particular.
Furthermore, he said that even if a digital currency moves us along that path is an open question. Each current central bank is checking deeply on that.
