According to the latest tracking from Coingecko, Litecoin (LTC) is currently undergoing a sharp price correction, having fallen by more than 4% in the past hour.
At the time of writing, the crypto asset is trading at $75.94 after hovering around the $78 area for most of the day.
With its recent price drop, the altcoin has cut its seven-day gains from a high of 33% this week to less than 20%.
Nevertheless, LTC’s current performance is impressive as it is up 33.5% in the past 30 days.
Litecoin caught the attention of many crypto enthusiasts on November 23 when it went on a bullish run that saw it hit the $81 mark and boosted its market cap to over $1 billion.
Currently, LTC ranks 13th in that category on Coingecko’s list with a total valuation of $5.39 billion.
What will it take for LTC to move higher next month
By beating Bitcoin and Ethereum in terms of weekly gains, Litecoin has positioned itself as one of the crypto assets that experts are eyeing.
In fact, crypto trading specialist Rekt Capital shared his thoughts on what conditions LTC would need to meet to maintain its momentum and outperform in December.
“LTC upside wick expanded to highs in $85-$98 area and eventually got rejected. The price should hold the monthly close above $67 and maintain it to move higher next month,” the pseudonymous crypto cipher said.
Rekt Capital also pointed out that given Litecoin’s history of being rejected from overbought zones, it should hold onto the $67 price area at the end of November to confirm its uptrend and for higher profits. Price levels can be tested.
Analysts are bullish on the momentum for Litecoin
Meanwhile, well-known crypto analyst Altcoin Sherpa also hails Litecoin after its impressive run despite the bearish market now flooding the crypto space.
It is noted that after LTC successfully flipped above its 200-day exponential moving average, there is no doubt that the next stop for the crypto asset is the $100 region.
However, this can only happen if the digital asset can continue its upward trend.
Cryptocurrency data provider Coincodex may disagree with this bullish sentiment for altcoins, however, as the forecasts don’t look good for Litecoin right now.
According to the forecast, in five days LTC will trade at $74.60 and in one month the asset will trade at $62.04.
While Litecoin may have a chance to close out November with a higher trading price than the crucial $67 marker, it looks like the asset is going downhill again as the end of 2022 approaches.
LTC total market cap $5.3 billion on the daily chart | Featured image, chart from Sweden: TradingView.com