- Litecoin price prediction turns bullish as the pair targets $300 highs.
- The bullish ‘W’ price action shows that the ‘double bottom’ pattern is complete.
- The technical indicators plus on-chain metrics show weak resistance up ahead.
- Bulls need to use the weekend’s thin liquidity for a potential breakout.
It’s a mixed start to the day, with the LTC/USD pair targeting fresh new highs going into the weekend. Litecoin is steering clear of the significant support regions with adequate buying action from prominent players. The bullish start to the day points towards more buying, with the pair facing its first resistance at $240.
Yesterday saw the LTC/USD rise by 3.20 percent and reversing the earlier losses. At the time of writing, the LTC/USD is trading at $227. Earlier, the bullish wave took the pair towards $242 highs before panic selling reversed the price action. There’s crucial resistance at $238, which is triggering profit booking behavior amongst the day traders.
In the recent past, Litecoin price prediction studies safely predicted reversals due to the pair’s zing-zag movement. However, the pair has been able to maintain significant gains from the March bull run. Now, the bulls are trying to breach the resistance level at $240 and then at $258. The price surges are being met by profit booking at higher levels.
Litecoin price movement in the last 24 hours: $240 resistance must be demolished
Over the past week, Litecoin has surged by close to 12 percent. However, the muted volume figures ensure that there has been no breakout in the price. The strong uptrend is visible on the daily charts. Minor corrections are part of every mature asset’s journey towards new highs. The daily timeframe chart shows good bullish momentum to fuel another uptrend.
Bulls need to push higher with massive volumes to gain immunity from minor price corrections. The first target must be to breach the $240 resistance and close the day above the $248 Fibonacci extension. Next week may see LTC/USD settle near the $281 range. Massive support is available underneath at $210 and $190.
Additionally, bullish sentiments are emerging from technical indicators. The MACD is developing a cross-over with a bullish bias upwards and a heavy up-slope. The RSI, though at 56, is echoing similar sentiment and sloping higher. Stochastic RSI is also pointing in the higher direction. Most technical indicators are northbound with enough room to paint a highly bullish picture on the charts.
LTC/USD 4-hour chart: Bulls getting ready for the weekend
A bullish reversal in MACD shows that the bulls are prepping up for the weekend ahead. Earlier, the 12 percent correction of Wednesday dimmed some technical indicators. The same is now trending in the bullish zone with enough ammo for the bulls to make Litecoin price prediction highly bullish. The optimistic signals from the broader crypto market are also giving impetus to the bulls.
On-chain metrics also point towards a sustained bull run. The double bottom pattern on the hourly charts shows that the minor consolidation is now over, and the pair is ready to bounce higher. The $246 resistance is also turning crucial for the pair. In the ultra-short-term Litecoin price prediction, there’s hourly resistance at $234 that may limit the pair’s rise.
Any breakout above the $250 resistance will take the pair towards $300 unchallenged. As per bullish Litecoin price prediction, the upper trendline resistance will help drive the pair beyond the $300 highs.
A double bottom pattern is bullish since it shows that minor price corrections are over. The current phase may very well turn out to be another accumulation point. Another point worth noting in Litecoin price prediction is LTC whales defending the lower supports at $210 and $190. Prominent investors are making sure every dip is well bought into.
On the bearish front, the sellers must close the price under $200. The psychologically important $200 level is near to the 100-day simple moving average, which can turn the tables for the bullish LTC investors and make Litecoin price prediction bearish. Any sharp fall in the LTC/USD price towards $200 can accelerate the price fall and take the pair towards $170 lows.
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