The LTO token has staged a comeback, soaring heavily in overnight trading as whale action pushed the LTO/USDT pair up by 36%. The latest price move is the culmination of a bounce off the 200-day moving average a few days ago, leading to five winning days in six.
The LTO/USDT pair bounced off the 0.3827 support, following this level’s closing penetration by Wednesday’s daily candle. The present price push touched off highs at 0.6001 before an intraday retreat ensued on some profit-taking.
The LTO Network was set up to speed up digital processes on the network and enhance the security of these transactions. AltRank data provided by LunarCRUSH is a metric that shows active altcoin price performance relative to that of Bitcoin. This data metric indicates that the LTO Network is currently among the top 5 altcoins, coming behind Decentraland (MANA), Algorand (ALGO) and Flux (FLUX). Coming closely behind LTO is Sandbox, a metaverse coin that also saw some huge gains in the last week.
LTO Price Prediction
Following a retreat to the 50% Fibonacci price level of the daily candle’s swing move (0.4911), the LTO daily candle has taken off in the northern direction once more. This scenario could favour a return of the move to the 0.6001 resistance. If the bulls uncap this level, then the 0.6734 resistance comes into the picture.
Alternatively, if the bulls fail to sustain the rally and a closing penetration below 0.4933 occurs, then the potential for a decline towards 0.3827 increases. 0.3302 is a major support below this level, and 0.2178 comes into the picture if the 200-day moving average gives way.