Litecoin (LTC/USD) Set for 22% Rally as Bulls Defend $64 Support

• Litecoin (LTC/USD) is on course to another bullish rally, with bulls defending the $64 support as the price retraced.
• Crypto analyst Michaël van de Poppe expects LTC price to rally 22% from the current price level.
• Development activity on Litecoin is on the rise, with it recording $2.88 billion in transaction volumes after Bitcoin’s $3.98 billion.

Litecoin (LTC/USD) is on the verge of a bullish rally, with the cryptocurrency cooling off from its recent gains. Bulls have defended the $64 support as the price retraced, initiating a short-term recovery above the support. Technical analysis suggests that Litecoin is likely to witness an uptick in prices and crypto analyst Michaël van de Poppe expects the price to rise by at least 22% from the current level.

In order to emphasize his point, the analyst notes that Litecoin is demonstrating its strength and he is interested in some scalp trades at the $69 level, with options to go long around $66.75, targeting $78 and $84. At the time of writing, Litecoin was trading at $67.48 and was on a slight bear correction.

Development activity on Litecoin is also on the rise. According to Santiment data, activity grew significantly in September before peaking in October. As of December 27, Litecoin was the second-most active chain with $2.88 billion in transaction volumes after Bitcoin’s $3.98 billion.

The current price of Litecoin presents an interesting opportunity for short-term investors. While there is an inherent risk of volatility in the cryptocurrency market, the promise of a potential 22% upside on Litecoin makes it a good buy on the current retracement. It remains to be seen whether the bulls will be able to keep the price above the $64 support and whether the current rally will be sustained.