Litecoin price chart

The price of Litecoin (LTC) recently surged by 27%, briefly surpassing the $80 mark on November 22 after Microstrategy’s Michael Saylor stated in a November 16 Twitter Spaces call that Litecoin could be classified as a commodity, similar to Bitcoin. This price increase has surprised some investors and led many to wonder what might have fueled the rise before Saylor’s comments became widely recognized.

“Someone might file an application to get Litecoin designated as a digital commodity,” said Saylor in the live call listened to by over 150,000 people.

However, despite this bullish sentiment, a bearish divergence on the daily time frame signals a possible reversal, so traders may want to take profits or set their stop losses carefully.

To understand how LTC got to its current point it’s important to look at recent price action and key levels.

Litecoin Price Action and Key Levels

On the technical side, LTC has broken out of its sideways range from last week and is now trading well above $70, which was a key resistance level.

Litecoin is currently up 13.34% in the past 24 hours and 36.85% in the past week.

Prior to May, the $100 area served as key support multiple times since January. If LTC manages to break above this level again, it could easily surge to $143, with the next target after that being around $300.

For the past several months, the litecoin price has been stuck between $40 and $74, but it finally managed to break out of this range likely due to Saylor’s mention, which may have then caused FOMO to take hold in an otherwise tepid market, ultimately driving the price up further. A close above $79 would be a good sign for LTC bulls.

However, technical indicators such as the MACD and RSI are signaling a bearish divergence on the daily time frame, so it is possible that the price may continue to range between recent levels, making it difficult for bulls to take control of the market.

Ultimately, LTC investors will want to assess their risk tolerance and decide whether it is time to exit Litecoin. There is no guarantee that LTC will break the $100 mark by 2023 or even surpass the $80 resistance level in the short term. Overall, the recent pump of LTC may not be indicative of a longer-term trend.

Other Crypto Investment Opportunities

With the greater crypto market still failing to recover from the FTX disaster in any meaningful way and the possible bankruptcy of other key market players, it may be a good time to explore buying the dip on altcoins that haven’t pumped recently or investing in lower-cap projects in presale.

Three projects that have already raised a significant amount of capital in their presales and are poised for future growth are Dash 2 Trade (D2T), RobotEra (TARO), and Calvaria (RIA) all of which have promising prospects when they launch in the near future.

Dash 2 Trade (D2T)

Dash 2 Trade is a decentralized exchange built on the Ethereum blockchain that is set for launch early next year.

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RobotEra (TARO)

TARO is an Ethereum-based sandbox Metaverse due to launch its alpha version in Q1 2023 and will enable players to build and play as robots within a virtual world based on NFTs.

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Calvaria (RIA)

Calvaria is a blockchain-based card-trading game enabling players to do battle with their NFT cards and earn rewards.

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