- LTC surged 43% from year-to-date lows.
- The upswings matched lucrative performance by top assets like Bitcoin.
- Technicals support another uptick to $150.
Litecoin’s (LTC/USD) price recorded a massive comeback lately as the broad market saw improved sentiment. While writing this news, the alt trades near $135.62, nearly 43% up from its lowest zone in 2022. Moreover, Litecoin hovers at its highest mark since 20 January.
Market Sentiment Improves
Litecoin is among the PoW blockchains aiming to help individuals complete p2p payments. Charlie, one of the renowned crypto pioneers, started the LTC network. His goal was to create simple crypto that allows people to send and receive money at lower charges. Charlie tried to solve some challenges facing the BTC blockchain.
For instance, Litecoin completes transactions quicker than BTC. Moreover, its transaction charges are relatively cheap than the leading crypto. That makes LTC a lucrative alternative for many cryptocurrency investors.
Nevertheless, Litecoin had its price struggling within the last few months. The alt crashed by nearly 67% from the highest mark. The substantial drop had LTC losing a spot in the top ten list, ranking 20 at the moment. Crypto projects such as Polygon, Shiba Inu, Crypto.com, and Avalanche outperformed Litecoin as it slid down the ranks.
That came as Litecoin saw its usage underwhelming within the last few years. Though most investors embraced BTC, few buy LTC as an alternative. However, Litecoin saw improvements within the last few days. It climbed from YTD lows of $98 towards highs near $137.
The performance reflected the lucrative move by NASDAQ 100, which rallied from its lowest mark of 2022. Moreover, investors embracing risk assets as highlighted by the Fear & Greed index back LTC’s upswings.
LTC Price Forecast
Litecoin’s daily price chart presents a bearish trend as far as the last few months are concerned. The downward mode pushed LTC towards $98 lows from 2021’s peak at $300. Moreover, the drop saw Litecoin losing the vital support level of $136, the lowest mark in last year’s September.
Litecoin registered some recovery over the recent sessions, moving past 25- and 50-day MAs. Also, the Relative Strength Index saw an upside action. Therefore, Litecoin might extend its upswings as bulls aim the critical resistance at $150.