Here’s Why We’re Bullish on Litecoin (LTC): $300 Next Target?

Litecoin (LTC) may have slipped in rankings among the world’s top cryptocurrencies but has had quite an active bull run over the past week, climbing higher amid the ongoing rally underway in the overall crypto market lately. At the time of writing, LTC/USD is trading at around $230.84.

The weekend was good for Litecoin, helping it climb higher, although the bullish momentum has eased somewhat lower into Monday. One of the biggest drivers of the uptick in LTC’s price was Vast Bank’s announcement last week, offering its customers the option to purchase the cryptocurrency as well as other leading peers directly using their accounts.

The cryptocurrency had started losing its sheen after newer, more versatile players burst into the space and it came under heavy criticism over its lack of effective decentralization. However, Litecoin has been making attempts to remedy this after its founder sold off most of his holdings in the crypto and developers started work on improving its privacy, keeping investors interested in the coin despite facing stiff competition from newer cryptos.

Higher Institutional Interest Drives Rally

Another factor driving bullish moves in Litecoin lately could be a report about rising institutional interest in the cryptocurrency market’s equivalent of silver, as it is popularly considered. For instance, Grayscale’s Litecoin Trust has been making strong gains lately. LTC also received a boost over the past week after racer Landon Cassill became the first racer to accept his payments entirely in cryptocurrencies and he chose Litecoin as his preferred mode of payment, hiking up interest in the coin.

According to a popular crypto trader who goes under the pseudonym Inmortal, Litecoin could soon see a rally which could take its price as high as $260. His analysis indicates that the twelfth largest crypto by market cap has emerged out of its consolidation phase and looks ready for a leg higher in the near-term.

Key Levels to Watch

On the 4-hour chart of LTC/USD, moving averages as well as leading technical indicators MACD and momentum are suggesting a strong bullish bias at the moment. Litecoin’s price is holding well above the pivot point at $210.20 and buyers can take it even higher until they encounter resistance at $254.74.

Once this resistance is overcome, buyers can take LTC past $275 until the second resistance at $277.17. Further buying interest can take it over the $300 mark soon.