Can Litecoin Price Stay Above $120?

Litecoin is considered one of the most volatile cryptocurrencies. Over the past month, we have seen LTC increase in value a lot. He has a huge influence, in the coinmarketcap.com ranking he is again ranked 5th, however, volatility prevents him from rising higher.

If we look at the price movement of LTC since March, we can appreciate the full extent of the volatility of this token. By the end of March it was trading at $170, and immediately after that it fell in price to $110. At the beginning of April the price was approximately $120, but almost every day the price varied between $110 and $130. 

Today, April 16, the price of Litecoin is $127.3.  During the day, it fell by 0.23%.

Interestingly, the market surge in mid-April did not affect LTC at all. On Friday, April 13, we could see most currencies receiving huge increases in value; Bitcoin, for example, rose in price by $1,000 in a matter of minutes. However, Litecoin continued to move between $120 and $130, reaching a temporary high of $133. 

It appears that LTC cannot find a sustainable pace, which tells us that the value of this cryptocurrency could fall down at any time, especially if it fails to gain in price during the market's upward movement. While this is just speculation, many expect another breakthrough to occur next week. 

It is very important for the price to remain above $120. Support  above $130 would be a very good sign for this cryptocurrency. This week, the price is likely to continue to fluctuate around the $125 mark.

If the price manages to stay above the $120 level, then we can expect that the next bullish breakout could give the token the opportunity to break through the $130 mark. In any case, if Litecoin wants to reach $300, a mark that has already been reached before, its price needs to rise to $150 soon, otherwise the token risks being left behind, unable to keep up with the rapidly growing market.

According to https://cryptodaily.co.uk