- Litecoin price prediction expects a correction before the rise.
- Strong support is found at the $199 mark.
- Strong resistance is found at the $204 mark.
- Litecoin addresses are increasing rapidly.
Litecoin achieved its 24-hour low at $195 at the beginning of the day. The cryptocurrency then advanced on an increasing trend to establish the 24-hour high at $205. At the time of writing, Litecoin was trading hands $202 apiece.
The market outlook for Litecoin persists to be bullish. The daily, monthly and weekly technical indicators stand at a buy position. Of the total 26 daily technical indicators, nine stand at a neutral position with 14 indications at buy and only three indications of sell. The oscillators are neutral, while the Moving Averages are highly bullish.
Litecoin price prediction: What to expect?
Analyst Vince Prince in bearish on the cryptocurrency in his Litecoin price prediction. Per the analyst, Litecoin is operating in an ascending channel formation within which it has formed a coherent wave count. After completing one wave series, Litecoin has embarked on another wave count. The analyst is expecting the market for Litecoin to turn bearish in the upcoming days. The market bears are likely to cause the cryptocurrency to break out of the ascending channel formation to the downside.
The wave count will be completed at wave C, which lies below the channel on a support level. The support level of $173 can act as a potential recovery point for the cryptocurrency, and upon completing the formation of the wave series, it can regain bullish momentum. If Litecoin is successful in stabilizing the support zone, the analyst expects the bearish scenario to be short-lived. The upcoming price action of the cryptocurrency will make clear the trajectory Litecoin is set to take.
Not all Litecoin price predictions are bearish on the cryptocurrency’s price action. Given the growth of Litecoin in the recent bull run, some analysts are hopeful for the cryptocurrency. Analyst Scout has pointed out the formation of a symmetrical triangle in his Litecoin price prediction. Per the analyst, the bullish triangle is likely to result in an upward break out of Litecoin. The technology also supports the analysis. The analyst has also identified the Relative Strength Index (RSI) on an uptrend, establishing higher lows. Moreover, the sell volume of Litecoin has also been decreasing steadily – all indicating the future bullish momentum of the cryptocurrency.
Active Litecoin addresses increasing rapidly
The cryptocurrency has shown phenomenal growth in the recent bull run and rose from $130 in December of last year to around $200. Litecoin is the ninth largest cryptocurrency in terms of market capitalization, and accompanying its price surge, the cryptocurrency has observed an exponential addition of new addresses to the platform.
A project director at the Litecoin Foundation tweeted recently that the daily addresses added have increased fivefold compared with a year ago. In contrast, the active addresses have surged by six times. The daily active addresses increased from a mere 50,000 to around 300,000, which is a testament to the cryptocurrency’s potential. The MimbleWimble upgrade, which will improve the network’s scalability, security and privacy, had been a catalyst in the cryptocurrency’s popularity.