Litecoin could be one of the best performers in the upcoming days. Here are the next targets

By: Stanko Iliev
Stanko Iliev
Stanko dedicates himself to providing investors with relevant information they can use to make investment decisions. He loves the outdoors, enjoys… read more.
on May 3, 2021
  • If the price jumps once again above $300, the next price target could be around $325 or even $350
  • $250 represents a strong support level
  • eBay is considering a crypto payment option

Litecoin (LTC) is enjoying steady bullish momentum, and for now, everything indicates that the price could advance again above $300 resistance.

Fundamental analysis: Litecoin could be one of the best performers in the upcoming days

The cryptocurrency market is advancing in the first trading days of May, Ethereum went above $3300, and this situation also supports the price of Litecoin. If this positive trend continues, Litecoin could be one of the best performers in the upcoming days.

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The cryptocurrency market continues to attract “big players”, and according to the latest news, eBay is considering a crypto payment option. eBay CEO Jamie Iannone said that eBay is looking into a new payment option which should be cryptocurrencies, but the company is also exploring ways to utilize non-fungible tokens (NFTs).

The daily volume of LTC remains high, and Litecoin continues to grow following an influx of new capital into the market.

“There has never been so much capital confidence invested into the network, and other hard data metrics such as transferred values and transaction numbers show usage is rising. These numbers suggest fundamental support of these valuations and indicate this is not just speculation,” team of Litecoin has reported.

Last month, PayPal launched “Checkout with Crypto,” which allows customers to pay with Bitcoin, Litecoin, Ethereum, and Bitcoin Cash. Mastercard and Visa also made improvements to integrate cryptocurrencies into their payment networks, and this trend could follow many other payment companies.

Africa’s oldest national park, Virunga, recently announced that it would accept Ethereum, Litecoin, Bitcoin, Chainlink, and many other cryptocurrencies as donations. The migration toward digital payments continues to accelerate while strong network fundamentals continue to be one of the main characteristics of Litecoin.

Litecoin (LTC) is trading very close to the $300 resistance level

Litecoin (LTC) price is advancing in the first days of May, and for now, there is no sign of the trend reversal. Litecoin could advance even more in the ongoing bull market, and if the price jumps once again above $300, the next price target could be around $325 or even $350.

Data source: tradingview.com

On the other side, if the price falls below $250, it would be a firm “sell” signal, and we have the open way to a $200 support level. It is also important to mention that the price of Litecoin is correlated with the price of Bitcoin, and investors in this cryptocurrency should also have Bitcoin on their “watch list.”

Summary

The cryptocurrency market is advancing in the first trading days of May, Ethereum advanced above $3300, and this situation also supports the price of Litecoin. The daily volume of LTC remains high, and if this positive trend continues, Litecoin could advance soon above $300 resistance. If the price jumps once again above $300, the next price target could be around $325, but if the price falls below $250, it would be a strong “sell” signal.

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