Litecoin (LTC) is currently experiencing a sharp price correction, going down by more than 4% during the last hour, according to latest tracking from Coingecko.
At the time of this writing, the crypto asset is trading at $75.94 after hovering around the $78 region for most of the day.
With its recent price dump, the altcoin trimmed its seven-day gains to 20% from a high of 33% this week.
Still, LTC’s current performance is impressive as it managed to go up by 33.5% over the last 30 days.
Litecoin caught the attention of many crypto enthusiasts on November 23 when it went on a bullish run that enabled it to reach the $81 marker and increase its market capitalization by more than $1 billion.
Currently, in that category, LTC ranks 13th in Coingecko’s list, keeping an overall valuation of $5.39 billion.
What It Would Take For LTC To Hit Higher Levels Next Month
“LTC upside wicks have gone up to as high to the $85-$98 region before ultimately rejecting there. Price needs to Monthly close & hold above $67 to move higher next month,” said the pseudonymous crypto figure.
Rekt Capital also pointed out that given Litecoin’s history of being rejected from the greater demand region, it needs to keep the $67 price territory when November ends for its uptrend to be confirmed and for it to test higher price levels.
Analyst Bullish About Momentum For Litecoin
It noted that after LTC successfully flipped its 200-day Exponential Moving Average, there is no doubt that the next stop for the crypto asset is the $100 territory.
That though, could only happen if the digital asset is able to continue its upward trend.
According to its prediction, in five days, LTC will trade at $74.60 and one month from now, the asset will change hands at $62.04.
Although Litecoin might have the chance to close November with a higher trading price than the $67 crucial marker, it would appear the asset is in for another downhill drive as the tail-end of 2022 nears.
LTC total market cap at $5.3 billion on the daily chart | Featured image from Sweden.se, Chart: TradingView.com