Summary
TLDR: Litecoin price hit multi-month high but corrected 25%. Despite this, indicators suggest potential for bullishness with room for growth, attractive risk/reward ratio, and potential for accumulation. Price currently below 50-day EMA at $85, with resistance at $86. If resistance is broken, price could rise to $100. If not, price may fall to $79 or $71.
Key Points
1. The Litecoin price hit a multi-month high in March after breaking through the $100 barrier, but ended up correcting 25%.
2. Litecoin’s potential for growth is indicated by the percentage of supply in profit, which currently stands at just 58%, suggesting room for significant growth.
3. The Reserve Risk metric shows that Litecoin is still a lucrative asset compared to Bitcoin, indicating that the risk/rewards are attractive for investors and suggesting further growth is likely.