Today’s Litecoin price prediction is bullish as the market continues moving higher after breaking above the $220 mark without much resistance and currently tests the $230 mark.
Cryptocurrency heat map. Source: Coin360
The overall market continues reaching new highs today as gains are seen across every major altcoin. Bitcoin and Ethereum – market leaders, have gained solid ground with 4.5 and 6.7 percent gains, respectively. Best performance is seen for Litecoin, as it is up by almost 7.5 percent.
LTC/USD opened at $220.83 today after very bullish yesterday, during which the price of Litecoin gained 10 percent from the low of $200 to the high of $220. No signs of stoppage are seen for the current price momentum. Therefore, we expect the Litecoin price to continue moving higher over the weekend and reach the all-time high of $245.
The LTC/USD price moved in a range of $209.96 – $228.46, indicating a good amount of volatility for the market. Trading volume is up by 2.63 percent and totals $6.94 billion, while the market cap of $15 billion ranks Litecoin in 9th place.
On the 4-hour chart, we can see continuous bullish price action for the past 24 hours as the market has not had significant retracement of consolidation since reaching the $200 mark.
LTC/USD 4-hour chart. Source: TradingView
Overall, the market has had rough times over the past month. After setting a new all-time-high around $245 at the end of February, Litecoin reversed and retraced by almost 40 percent to the low of $155.
From there on, Litecoin bounced to the upside and regained much of the loss as it found resistance around $195. After a brief rejection, Litecoin found support at the $170 mark. From there on, the current bullish momentum for Litecoin started.
Earlier this week, the Litecoin price then tested the $195 mark, and some resistance was found. However, after a couple of hours and a small pullback towards the $180 mark, Litecoin did manage to break the resistance and consolidated around the $200 mark for some time.
On Friday, Litecoin started to push higher again and quickly reached the $220 mark, which previously acted as both very strong support and resistance last month, when Litecoin set the $245 all-time-high. The market momentum quickly broke above the $220 resistance and allowed Litecoin to reach the next resistance around $230. If LTC/USD can continue its current bullish momentum and break above the $230 mark, we are likely to see the all-time high of $245 tested tomorrow.
Alternatively, if the $230 resistance rejects Litecoin, we might see a strong retracement – likely towards the previous consolidation area around $200-$210. Litecoin will likely form a base and a higher low from there on, from which to push towards breaking the all-time high. This would be a healthy correction for the market as there has not been a decent retracement for several days now.
Litecoin price prediction is bullish as there are no signs for the current momentum to slow down. If $230 current resistance is reached, we expect Litecoin price to push towards the all-time high of $245 next week and potentially set a new all-time high, indicating that we might see this month close with substantial gains.
Suppose the current resistance around the $230 mark actually offers resistance and rejects further bullish momentum, we are then likely to see Litecoin retrace for a couple of days and set a new higher low in preparation for further upside next week.
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.
This post was last modified on March 15, 2021 9:58 am
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