• Litecoin value reached $110 on Friday, its highest stage in additional than 9 months.
• A preferred cryptocurrency analyst says LTC’s macro downtrend could also be over.

Litecoin (LTC) is presently buying and selling round $104. Nonetheless, earlier within the day, LTC costs had been hovering simply above $110, the best since July of final 12 months.

LTC value reached an all-time excessive of $410 in Could 2021. Though the present value remains to be removed from its peak, Litecoin's newest rally has analysts predicting what is going to occur subsequent.

Litecoin reaches $110: Is LTC set for vertical positive factors?

Till LTC surged greater than 15% on Friday, bulls had been discovering it troublesome to interrupt out of the psychological $100 stage.

With the value presently hovering above the mark, a well-liked cryptocurrency analyst says Litecoin value may rise additional if the bulls obtain the month-to-month closing value of $122. .

“$LTC takes month-to-month shut above orange resistance ($122) to construct on current macro downtrend breakout must be become assist. A month-to-month closing value above $122 has traditionally been the key to a profitable #Litecoin uptrend.Recto Capital share By way of X.

Earlier than Friday's breakout, Rekt Capital I acquired it. Amid the brand new macro uptrend, LTC may consolidate above $94.

Litecoin has soared in current weeks amid an total bullish outlook for cryptocurrencies.

Information that Coinbase is contemplating including Litecoin futures buying and selling and that the CFTC is referring to LTC as a commodity additionally added to the optimistic outlook.

LTC might be one of many altcoins to control. Specifically, the opportunity of an explosive rally within the coming months as Bitcoin approaches its halving is additional boosting LTC sentiment.