Since the beginning of 2022, Litecoin’s rise has been steady. The token traded at $52, which was a new low for the year, before going up and finding strong support at $60. The first push for recovery aimed for $100, but it lost steam as it got closer to $75.
At the time of writing, LTC was trading at $62, and its short-term technical outlook pointed to a retest of the buyer congestion at $60. A pullback from this area was expected to send LTC past the key barrier at $75 and get it close to the $100 level.
Litecoin MVRV Ratio
It’s important to note that the ratio was last the same (around 0.55) in April 2020, before the price of Litecoin soared to $360.
In this case, a bounce was expected at $60, and the next stop for the bulls was at the neckline of the pattern. If the wall falls, the price of Litecoin could go up 14.25 percent, to $75.
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