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MEI Pharma’s Litecoin (LTC) Bet Could Back Analysts’ Predictions, But Risks Loom
Litecoin’s recent price action has been a mixed bag of hope and uncertainty. The token’s failed attempt to break above $120 and subsequent sideways movement have raised questions about the potential sustainability of its current trend.
However, MEI Pharma’s bold decision to allocate its entire private placement of $100 million to Litecoin (LTC) could be the catalyst that changes the narrative surrounding this altcoin. This development has sparked a flurry of bullish predictions among market analysts.
One analyst has projected a price target of $500, citing multi-year ascending structures and accumulation zones. While another trader highlighted a strong support area near prior tops, suggesting a potential rally towards $180.
The MEI Pharma announcement may reinforce these views by introducing a structural demand floor. Nevertheless, the success of this bet is not without its risks.
Source: coinchapter.com
