Trader Nicholas Merten believes that altcoin can repeat the dynamics of 2017, when it went up by 737% in four months
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Trader Nicholas Merten recommended paying attention to Litecoin and keeping a close eye on the altcoin, as it is now in a low price range compared to Bitcoin.
The analyst claims that on the Litecoin chart for the first cryptocurrency, you can see signs of a possible "super cycle" of growth, similar to the "explosive" growth of altcoin in 2017. Then the token rose in price by 737% from August to the end of December, reaching $ 360. According to Merten's forecast, within the framework of the "super cycle" of growth, the value of Litecoin may grow 2-3 times ($ 548-822 from current levels).
On November 12, Litecoin traded at $ 274 and has a market cap of $ 18.7 billion, according to CoinGecko. Over the week, altcoin has risen in price by 35%. Monthly growth – 59%. The cryptocurrency has set an all-time high in May of this year at $ 410.
On November 10, Trader Peter Brandt predicted that in the near future Litecoin could rise in price to $ 395 (up 44% from current levels). According to Brandt, the altcoin overcame key resistance and aimed to renew its all-time high.