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A closely followed crypto strategist believes that the payments-focused token Litecoin (LTC) is in a position to spark a strong upside burst.
Analyst Ali Martinez tells his 130,600 followers on the social media platform X that Litecoin appears to be trading in a wide range between $135 and $98.
According to Martinez, Litecoin could rally toward the top end of the range if LTC stays above its diagonal support during the current correction.
“If Litecoin LTC holds above $98, increased buying pressure at this level could fuel a rally toward $135!”
Source: Ali Martinez/X
At time of writing, Litecoin is worth $101.92.
Martinez also notes that deep-pocketed investors have gobbled up over $43 million worth of LTC in two days as Litecoin hovered close to $98.
“Whales bought 430,000 Litecoin LTC in [48 hours]!”
Source: Ali Martinez/X
Meanwhile, fellow crypto analyst Credible is not so bullish on LTC, at least in the near term. Credible shares a chart with his 465,000 followers on the social media platform X suggesting that Litecoin may tumble below $70 where it will likely find the demand it needs to spark a potential rally close to $200.
“Been patiently waiting for this one for [weeks] now.
Let’s see if this pullback across the board will give it to me.”
Source: Credible/X
