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Litecoin’s two-year low MVRV ratio is bullish.

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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

Source: Glassnode

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.

Disclaimer: The opinions expressed in the Blog are for general informational purposes only and are not intended to provide specific advice or recommendations for any individual or on any specific security or investment product. It is only intended to provide education about the financial industry. Please do your own research.