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Litecoin has been making major gains across the crypto charts, which coincides with what has been happening across the broader market. Most coins have been trading in the green zone during the past 24 hours, and LTC has not been left behind.
Litecoin is trading at $286.67 at the time of writing after a 13.6% gain in 24 hours.
Litecoin price analysis
Litecoin is currently leading in gains during the past 24 hours. Before the uptrend, the coin traded at around $230; hence the current leap to $286 is a major gain.
Currently, buyer and market support are high, and this could trigger more gains for the coin. In this case, it will push towards the highs of $290. The coin had tested this resistance during the past 24 hours, but it failed to hold. However, with the support happening across the market, we could see such gains happening again, after which the next target will be $300.
If LTC loses buyer and market support, it could slump to the lows of below $250. The broader market dipped after a major bullish run yesterday, and if LTC fails to hold its highs, it could also dip.
Litecoin is one of the largest altcoins by market cap, and its price movements tend to coincide with that of Bitcoin. Yesterday, the largest cryptocurrency reached a record high of $68K, and now LTC is following suit.
Wall Street analysts have stated that investors are looking towards cryptocurrencies due to the fear of inflation, and as one of the popular assets, Litecoin is benefiting from the increased demand, hence the major price gains made by the coin. Besides, it is also among the few cryptocurrencies endorsed as a means of payment on various platforms.
Where to buy LTC
To buy litecoin during the current bull market, one can create a cryptocurrency exchange account on eToro. eToro is one of the popular exchange platforms in the market, and it offers support to a wide range of cryptocurrencies and trading pairs. eToro also comes with unique features such as copy trading and low trading fees.
Your capital is at risk.
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