Created all the way back in 2011, Litecoin (LTC) is among the oldest cryptocurrencies known to the market, and the globally-renowned digital asset continues to grow in popularity due to its high utility, quick transaction speed and low transaction fees.

On May 2, Litecoin creator Charlie Lee posted a tweet predicting that LTC can catapult 700% versus Bitcoin, and that during upcoming price cycles, he does not expect the coin to dwindle below 1% of the current price-tag.

In awe, the Litecoin community witnessed the first-ever prediction tweet from Lee, and when analyzing the current trajectory of Litecoin from a technical standpoint, the founder’s projection may be truer than not.

After hitting all-time highs in May 2021, Litecoin was engulfed by the bears as high market domination from Bitcoin (BTC) posed quite the competition for LTC and other altcoins alike.

Utilizing the Fibonacci retracement, the first potential target for Litecoin is near the $120 mark, which represents an upside of 40% from the digital asset’s value today. If the first potential target is surpassed, it may present the sign that Litecoin has just begun its bull journey towards the $400 price-tag.

Yet, this scenario is more likely to come into fruition if Bitcoin will also rally as the general trajectory of the father of cryptocurrencies tends to influence other cryptocurrencies.