Bitcoin rising above $95,500 in the past two days has sparked a wave of altcoin speculation, led by Litecoin (LTC). Demand for risky cryptocurrency assets has helped the price of LTC signal bullish sentiment in the near future, especially after the consolidation over the past few years.
According to the latest market data, the price of LTC has increased by more than 14 percent in the past two weeks and is trading at around $87.38 on Friday, in the last trading session of North America.
Mid-term expectations for the price of LTC
On the weekly timeframe, the price of LTC has adhered to the logarithmic uptrend established over the past six years. After a recent recovery, the price of LTC is well-positioned to retest the all-time high of over $359 in the near future.
For leveraged cryptocurrency traders, placing a stop-loss order slightly below the $62 level and a mid-term target of around $359 would yield a risk/reward ratio of 0.42 compared to 2.9. The mid-term bullish sentiment for the price of LTC is reinforced by the fact that this altcoin has formed higher highs and higher lows since the end of 2022 to date.
Fundamental outlook for the Litecoin network
The Litecoin network has seen significant growth over the past few years, driven by increasing demand from institutional investors. Several fund managers - led by CoinShares, Grayscale, and Canary Capital - are looking to offer spot LTC ETFs in the near future.
As a result, the trading volume greater than $100,000 on the Litecoin network surged to $52.33 billion in the past seven days. According to market data from IntoTheBlock, the price of LTC has recorded a correlation with BTC of 0.88 on 1 over the past 30 days.