Litecoin price analysis: LTC poised to rise up to 26 percent over the next breakout

Polkadot price analysis

TL;DR Breakdown

  • Litecoin price jumped up to $188.5 after a 2 percent rise on the day’s trade
  • Head and Shoulders pattern appears on daily chart to indicate upcoming breakout
  • Trading volume also up 8 percent to confirm upturn

Litecoin price analysis for the day shows positive signs for the token, as price jumped from $186.40 to $188.51 at the time of writing. Trading volume also increased more than 8 percent, as a bullish rally seemingly takes momentum. LTC could rise as high as 26 percent in the upcoming trend to a significant price of $243.07. However, it will face stern tests from resistances at $191.20, $212.26 and $232.68 to reach its target.

The larger cryptocurrency market mainly remained on the fence over the past 24 hours, as prices either consolidated or dipped slightly. Bitcoin soared past $62,000 yesterday, and continued consolidation above that point today. Ethereum dipped slightly below $3,800 and still keeps away from the significant $4,000 mark. Among Altcoins, Cardano and Ripple recorded slight decrements, while Dogecoin made an important jump of over 4 percent to reach the $0.248 mark.

Litecoin price analysis: LTC poised to rise up to 26 percent over the next breakout 1
Litecoin price analysis: Cryptocurrency heat map. Source: Coin360

LTC/USD 24-hour chart: Head and Shoulders pattern appears to predict breakout

On the 24-hour chart for Litecoin price analysis, appearance of a Head and Shoulders pattern can be confirmed that indicates buyers attempt to push price upwards, but sellers keep rejecting it. From September 7 to present day, Litecoin price has set up 3 distinct lows with the central one going deeper than the sides to form the head. The ones on the sides are comparable in terms of depths, and institute a head and shoulders pattern for the token, that normally predicts an upcoming breakout. The Relative Strength Index (RSI) is at 59.95, suggesting a slightly overvalued, but strong status for Litecoin, as price primes for a breakout.

Litecoin price analysis: LTC poised to rise up to 26 percent over the next breakout 2
Litecoin price analysis: 24-hour chart. Source: Trading View

LTC/USD 4-hour chart: Crucial trading sessions to come as price continues above crucial EMAs

The 4-hour price action shows that LTC price sits well above the crucial 20,50 and 100-day Exponential Moving Averages (EMAs), but is facing a crucial few trading sessions to come which may determine future price action. Over the current session, price has dipped as low as $187.95. However, the RSI value of 57.49 shows a strongly valued status for the token in the market. Over the next short-term trading sessions, LTC price is expected to present a better image of testing the $191.45 resistance.

Litecoin price analysis: LTC poised to rise up to 26 percent over the next breakout 3
Litecoin price analysis: 4-hour chart. Source: Trading View

Litecoin price analysis: Conclusion

According to majority technical indicators, Litecoin is primed for a breakout as soon as it can successfully cross the $191.45 resistance. The next hurdles will be faced at $212.26 and $232.68, with significant increases having been made already. The possibility of a retestment down to $176.68 and tier 2 support of $170.48 can also not be ruled out. Any movement towards these points will invalidate the bullish thesis.

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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