Litecoin is taking the momentum of the crypto movement this week and translating it to big gains. With its newest surge, it hopes to put it’s turbulent last few years behind it and look toward reaching new all-time highs. Litecoin (LTC) price predictions are largely optimistic for the coin as well.
Litecoin is one of the oldest crypto plays. A fork of Bitcoin, Litecoin was created in 2011. It was created with a much faster block time than that of Bitcoin, and its low fees make it a popular platform for microtransactions. An analysis by Invezz is suggesting a deal of bullish momentum for Litecoin in the wake of the newest crypto surge.
The publication is suggesting that Litecoin could be one of the best-performing cryptos plays in the near future. This claim is evidenced by LTC s increased trading volume over the last few days. Currently, the trading volume for the coin is 140% higher than average. It also cites LTC s inclusion on PayPal s Checkout with Crypto feature as a catalyst for future gains.
Litecoin (LTC) Price Predictions Suggest Big Moves. The Invezz piece makes the prediction that LTC could be seeing a surge up to $350 soon. Other analysts are writing up their Litecoin (LTC) price predictions, and most seem largely bullish on the coin. Let s take a look: PrimeXBT suggests that Litecoin is on a clear breakout, and is therefore very bullish.
They predict that the coin could climb as high as $600 through the end of the year. Equally bullish is the Economy Forecast Agency. The outlet is valuing LTC at a price of $614 by December but suggests that highs could be as much as $762. FXLeaders predicts a still-optimistic price point for Litecoin, betting the crypto will be between $500 and $600 in 12 months’ time. Not necessarily bearish, FXStreet worries about LTC s likelihood of breaching the $317 resistance level it faces.
However, a breakthrough here would lead to a significant rally according to the site. On the daily chart, we see that the LTC price has formed an ascending channel. The price is close to the upper side of the channel, which connects the highest points since January. The upswing is also being supported by then short and longer-term moving averages. It also seems to be forming a cup and handle pattern, whose top side is at $363.
Therefore, overall, the bullish trend will likely preview so long as the price is above the two moving averages. If this happens, I can t rule out a situation where the currency surges to the next resistance at $400. On the flip side, there is also a possibility that the pair will retreat as bears attempt to test the lower side of this channel. A Doji candlestick pattern is formed when the open and close of an asset price are identical or nearly identical.
It creates a real body that is close to being a horizontal line. The connotation of the candlestick pattern is that the market is in equilibrium and governed by indecision. It is a warning of a reversal and occurs anywhere during a trend, but its value is limited within a narrow consolidation.
On the 12-hour chart, Litecoin’s price closed with a Doji candlestick pattern and slightly above the critical 78.6% retracement level of the 2017-2018 bear market at $334.86, augmenting the importance. The inclusion of the Doji candlestick within this leg of the multi-month advance is a warning sign for traders and urges the need to consider the potential of a notable reversal in Litecoin price.
A trade below the Doji will activate the bearish outlook. Support will manifest at the ascending channel s midline at $297.00, followed by the April low at $207.10. A further unraveling of Litecoin price would target the channel slower trend line at $197.80, representing a 40% in price and break in the trend of higher lows since October 2020. Traders should also be aware that the weekly Relative Strength Index (RSI) continues to show lower highs, producing a bearish momentum divergence versus price.
Another warning sign, but at a different time interval. Several cryptocurrencies have managed to test their longstanding all-time highs in the last few weeks or months, such as SXP (Stripe), and it is undoubtedly an outcome to be expected for Litecoin price in the coming days or weeks. There are no technical levels to offer resistance, so a rally continuation can not be steadfastly overruled.
Potential targets will need to be evaluated at the time of a new high to ensure real-time indicator values.