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Litecoin Price Analysis: LTC bracing for a $250 bull run after Bovada support

Litecoin Price Prediction

TL;DR Breakdown

  • Litecoin price prediction shows LTC is in for a massive liftoff after landing endorsement on one of the powerful web-based sports platforms, Bovada.
  • Bovada expresses confidence in Litecoin and praises the crypto coin for its innovation that supports seamless transactions.
  • Bears are trying to pullback Litecoin’s price below key levels but unsuccessful so far.
  • Litecoin has resumed a price rally that could take it past the $230 mark.

One of the world’s largest web-based sports platforms, Bovada, has officially declared its support for the number 9 cryptocurrency. On 16th March, the online sports platform sent a newsletter to its followers, praising Litecoin for its seamless deposit and withdrawal system.

According to Bovada, many individuals and institutions start by interacting with Bitcoin BTC tokens only to find out LTC is better at making payments. Additionally, Litecoin is known world-over for having one of the lowest transaction fees in the crypto world. Despite the positive sentiments, the sports company agreed that Bitcoin still takes the number one slot for having the most significant bonuses on its online platform.

Litecoin Price Prediction: General price overview

At the time of writing, LTC presents symmetry between demand and supply, validating the bullish outlook that suggests the selling spree is losing momentum fast. At the time of writing, LTC is exchanging hands within an ascending channel. This channel is a critical support region for Litecoin as it saved the crypto coin from the recent downward spiraling from highs above $231.

At present, Litecoin is hovering around the $197 – $200 region as bulls try to wrestle the 50 Simple Moving Average resistance level.

Litecoin price movement in the past 24 hours

Litecoin Price Analysis: LTC bracing for a $250 bull run after Bovada support 1
Source: TradingView

If Litecoin manages to surge above the hurdle at the 50 Moving Average (MA), the number 9 cryptocurrency is likely to experience gains that might push it above the $230 level. However, if Litecoin fails to break above the 50 MA but surges above the channel’s midline, the crypto coin will still record a significant price surge.

According to the 24-hour chart, Litecoin started trading today at $200 and is currently trading at $197. The price decline can be blamed on the current sell-off spree that is ongoing but losing momentum. Although Litecoin is yet to depreciate back to the 23.6 percent Fibo retracement level and its first significant support level at the $193 region, the crypto coin needs to tread carefully.

Litecoin 4-hour chart

Litecoin Price Analysis: LTC bracing for a $250 bull run after Bovada support 2
Source: TradingView

On the 4-hour chart, it is evident Litecoin has been having an eventful time. At present, the MACD is hovering in the negative area. However, MACD’s hovering in the negative zone is a good thing, as it assures investors of a looming price surge in the short-term. Bulls should be on the lookout for MACD’s blue line to slice above the signal line to validate the bullish outlook.

One thing to note is Litecoin needs to move past the 50 Simple Moving Average (SMA) region by the close of the day to validate the price upsurge. If things remain constant and LTC continues hovering at the $197 – $200 area, the crypto coin will trigger a price decline to move towards the channel’s lower limit.

Conclusion

If things take a turn for the worse and LTC slides under the channel’s lower boundary, the market should be ready for a down surge towards the $180 region. However, due to the MimbleWimble code’s completion and the latest support from Bovada, Litecoin is likely to weather the storm and emerge victoriously.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Arnold Kirimi

Arnold Kirimi

Arnold is a crypto and blockchain enthusiast. A communications expert with interest in hard-hitting journalism, he is always on the hunt for the latest events in the cryptocurrency world. He is inspired by what Bill Gates said, “Bitcoin is a technological tour de force.”

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