Both Dogecoin (DOGE) and Litecoin (LTC) have skyrocketed in the last 24 hours. While Dogecoin was able to reach the 5th position in the market, Litecoin (LTC) showed a strong performance by moving higher over 15% in 24 hours. The main question is whether the current trend could continue and how far these digital assets could move.
Dogecoin Massive Price Increase
Dogecoin and Litecoin have been moving higher in recent hours. There has been a strong bullish demand from users that wanted to get DOGE as close to $1 as possible. Of course, this is something that could be very difficult to achieve due to the massively large supply of DOGE.
Nevertheless, the crypto market is used to pump and dumps, and DOGE has usually been among the most pumped and dumped coins. What we have seen these days, however, shows that this has been the largest price increase in history for DOGE that reached the 5th position after surpassing digital assets such as Tether (USDT) or Cardano (ADA).
Now we could be entering a consolidation period for DOGE. It is always worth taking into consideration that valuation models and technical analysis fail to predict these types of moves in the market. The crypto industry is highly influenced by emotions, narratives and (yes) memes.
Could Litecoin Reach $1,000?
As Dogecoin holders would like DOGE to reach $1, Litecoin holders are waiting for LTC to surge to $1,000. This is certainly a possible scenario for LTC if the virtual currency gets pumped as DOGE did. Indeed, it would only need a price increase of 300% from the current levels.
That’s a lot, but in the cryptocurrency market, we have seen digital assets surge not 100% but even more in just days. Let’s take the example of Binance Coin (BNB) that moved from below $60 to over $600 in just weeks.
According to the anonymous trader and analyst called @Pentosh1, LTC could be moving towards the $1k target. He believes that this virtual currency is “cheap” and considered to be “digital silver”. Moreover, he goes to the fundamentals and the technical aspects of this coin.
In terms of fundamentals, he stated that it is currently one of the 7 virtual currencies on Robinhood and one of 4 on PayPal. Moving to technical analysis, he shared a chart comparing the price increase (in BTC terms) experienced by Litecoin in 2017 and how this could repeat in 2021.
Disclaimer: all the information shared in this article shouldn’t be considered investment advice. This is for educational purposes only. We are not responsible for any investment decisions you make following this article.