- Litecoin Price Prediction suggests a significant rise in coming months.
- LTC Price sustains above the 50 and 200 day EMA shows the strength of bulls.
- The Litecoin price (LTC) is outperforming the returns of Bitcoin (BTC) from the past few months.
Litecoin Price Prediction suggests a significant rise in LTC possible in the coming months. LTC price recovered well from the lows and continue to rise upward by forming higher high swings.
Litecoin Price sustains above the 50 and 200 day EMA showcase uptrend and bulls are dominating on the higher levels. It is forming a bullish continuation pattern and seems to be preparing for a $100.00 breakout.
From the past few months, LTC Price is outperforming the returns of Bitcoin which has boosted the confidence of LTC lovers.
Litecoin price tried multiple times to break out of the $100.00 but got rejected and collapsed down. It shows that $100 is a supply zone and if buyers succeed to break then the next phase of the rally will begin.
Litecoin Price is trading at $95.12 with an intraday rise of 0.99%. The 24 hour volume to market cap ratio is 0.1339. At the mid of March, the LTC price recovered with the overall market.
The volume also increased and prices attempted to break the $100.00 level. Sadly, the attempt failed and short term profit booking triggers for the higher level. The correction halted near $75.00 and slowly buyers came forward and recovered the losses.
Is the upcoming breakout in LTC price reliable?
Litecoin Price took support near $80.00 and formed a bullish hammer candle. It shows that the support levels are shifting higher and a big up-move or down-move is likely to arrive soon.
If the LTC prices continue to trade above $80.00 then the possibility of $100.00 breakout will remain high. Moreover, if the breakout happens then we may see a surprising rally to $120.00 in a short period of time. However, if the price retrace downward then both the EMAs will act as a strong support.
Till LTC is sustaining above both the EMAs, any short term selloff will be easily absorbed. The technical analysis suggests, Litecoin Price is in uptrend and the upcoming breakout will have high chances of sustaining the higher levels.
Next phase of rally in LTC Price will begin soon
LTC Price forming a bullish pattern in a daily and weekly time frame. However, the next phase of the rally will begin only above $100.00. The crypto market leaders Bitcoin and Ethereum Price are also near to crucial support and buyers are trying to defend the support.
The technical indicators like MACD have generated a positive crossover and the curve is rising upward. It indicates that bullish momentum is likely to continue for some more time. The RSI at 60 sloping upward denotes strength and the confidence of bulls.
Conclusion
Litecoin Price Prediction suggests a significant rise in coming months. The next phase of rally in the LTC crypto will begin if buyers succeed to break out of the $100.00 mark. The technical analysis suggests, LTC Price is in uptrend and probability of $100 breakout is quite high.
Technical levels
Resistance levels: $100.00 and $105.00
Support levels: $75.00 and $65.00
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.