TL;DR Breakdown
- LTC/USD pair in bullish momentum.
- Litecoin price testing $180 resistance level.
- The Litecoin price could hit $200 soon
- Mimblewimble final code to launch before the end of Q1 2021.
LTC price prediction: General price overview
The week began positively, with significant altcoins indicating strong bullish sentiments led by the second-largest crypto, Ethereum, which hit the $1,000 mark for the first time in about three years. Litecoin price followed a similar, only beaten by ETH/USD as the best performing crypto over the last 24 hours to reach a high of $167 before facing resistance. The crypto has since dropped to trade at $152 at the time of writing.
LTC price prediction: Litecoin price movements over 24 hours
Litecoin price opened the day trading near $162 after closing the previous day at $160. The cryptocurrency has since moved to reach a daily high of $174 before shedding to hit a daily low of $139. The LTC/USD pair is currently trading near $150 at the time of writing.
The surge in the price of LTC comes at a time when embattled Ripple’s XRP price is radically dropping. Litecoin briefly overtook XRP to become the fourth-largest cryptocurrency by market capitalization when its price hit $167 to reach a market capitalization of $10.8 billion.
LTC price: Litecoin 4 hour chart
The above chart indicates that the LTC/USD pair is trading within an ascending trendline. The price of Litecoin has increased by over 20 percent, clearing the resistance zones near $135 and $152. Bitcoin price surged past the $160 price level to test the resistance level near $175, where the price has already been rejected.
However, the LTC/USD price action has support at the $150 price level. The LTC price action is consolidating around this support zone as it determines the direction of the market.
LTC price prediction: Could LTC hit $200 soon?
Litecoin price has strongly rallied by almost 100 percent over the past month. Notably, Ripple XRP’s downfall could be the reason why more funds are being pumped into Litecoin. Since the SEC officially filed a lawsuit against Ripple, the value of XRP has declined massively, shedding about $20 billion in market capitalization.
If the Litecoin price can overcome the little resistance near the $185 price level, the next resistance level is near the $200 and $220 price levels. According to Twitter crypto trader @Tradermayne, LTC/USD pair is currently bullish, and the law of Thermodynamics could push it towards $250 soon. Additionally, another trader by the name @tamilbtc predicts the LTC/USD pair will hit $200 within 24 hours.
LTC price prediction: Conclusion
On top of the failing XRP token, other ecosystem activities have caused excitement within the LTC community. First of all, the Grayscale Litecoin Trust (GLTCN) currently holds LTC worth more than $140 million. Since the beginning of December last year, the LTCN AUM has rallied by over 100 percent.
On the other hand, the imminent launch of Mimblewimble is also a catalyst for the latest surge in LTC price. The last code of Mimblewible is due to be launched before the end of Q1 2021. Considering all these factors, it is clear why the altcoin has seen positive momentum over the last few weeks.
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