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Litecoin Price Prediction: LTC eyeing $200 breakout

Litecoin

TL;DR Breakdown

  • Litecoin is currently trading around $193.
  • The asset has been on an upward trend in recent times.
  • We could witness LTC value surge past $200 soon.

Litecoin price moved up the charts by a mere 1.80% yesterday, continuing its upward movement that started two days ago where it finished at the market price of $179. As usual, it had a mixed-start that followed an early downslide slope to $171 before garnering strength and taking a rebound.

After steering-clear off its first-major-support of $167, LTC showed amazing strength as it rallied to an intraday-high of about $185. It further struck its first-major-resistance, crossing over the boundaries at $180.71 before meeting a short-term reverse.

Litecoin Price Prediction: LTC eyeing $200 breakout 1
Source: Tradingview

It faces a possible second-major-resistance at $185, however, its price has moved up to $197 just a few hours ago which amounts to a 7.14 percent increase in the last 24 hours. It never stops steering-clear off its first-major-support at $167. As of the time of this writing, LTC has shredded some of its value by 1.25% as it is trading around $194. This is largely because the crypto asset witnessed a bearish-start that saw it fall from its earlier $197 high.

How will Litecoin perform today?

If LTC can garner support from markets it can maintain its current price level which is above $190 level. This would create a bar for its extended-crypto-rally, with its first-major-resistance to be around $195.

Another breakout should push Litecoin to start testing major-resistance at a whopping 23.6% Fib of $200. A second-major-resistance will settle at $193. But if it does fail to push itself up $193 pivot, then the first-major-support is bound to get activated at $187. 

Also, If Litecoin creates a bar of extended sell-off, it could drop to the sub-$180 levels with a second-major-support settling at $182. Downsides will only be limited with a 38.2% Fib if $181.

What to watch out for?

First-Major-Support: $172

Pivot: $179

First-Major-Resistance: $186

23.6% Fib Retracement: $195

38.2% Fib Retracement: $163

Bruno Johnson

Bruno Johnson

Bruno loves the crypto industry. He is a believer in the transformative power Bitcoin and Blockchain industry holds. He is interested in sharing knowledge and ideas. When he is not writing, he is looking to meet new people and trying out new things.

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