- Litecoin price prediction expects a correction before $250 high.
- Strong resistance is found at the $205 mark.
- Strong support is found at the $200 mark.
- MimbleWimble upgrade is due to roll out in 2021.
Litecoin went up to $245 in the recent bull run but hopes of establishing a new all-time high were squashed as the cryptocurrency fell. In the 24-hour timeframe, cryptocurrency has stayed relatively stable. The 24-hour high was established at $209 while the 24-hour low was at $195. At the time of writing, Litecoin stands at $202.
The market sentiment for Litecoin is bullish as the technical indicators are giving out a buy signal. Of the 26 total indicators, 10 stand at neutral, 12 at buy and four at sell position. The oscillators are giving out a neutral indication while the Moving Averages are giving out a strong buy signal.
Litecoin price prediction: What to expect?
An analyst has identified key levels that would play a major role in the upcoming price of the cryptocurrency in his Litecoin price prediction. Per the analyst, Litecoin is expected to continue on a downtrend. The first key support level can be found at the price level of $187 which lies parallel to the 0.5 Fibonacci retracement.
Per the analyst, if Litecoin successfully tests the support level and stabilizes it can be expected to reverse its trajectory and start off on an upward trend. However, in the bearish scenario, the support level will not hold and Litecoin will fall lower to test the subsequent support level at $173 at the 0.618 Fibonacci level. Litecoin is expected to stabilize at the support level and move upwards.
Per the analyst, the Relative Strength Index (RSI) is neutral and either of the bullish or bearish scenarios can unfold. The analyst believes these can be the final market corrections for Litecoin after which it can possibly test its all-time high.
Analyst Petter has identified Litecoin inside a horizontal channel in his Litecoin price prediction. Per the analysis, the cryptocurrency support level lies at $193, while the resistance is at $208. The analyst has also pointed out a possible break out at the intersection of the horizontal channel with an ascending channel’s lower boundary. The consolidation of the two key support levels can give the cryptocurrency a push towards the upside. In this case, the analyst has set a price target of $270 for Litecoin.
MimbleWimble upgrade to boost Litecoin price?
Litecoin Foundation has made clear plans to incorporate privacy features in its blockchain through the MimbleWimble upgrade. The Harry Potter-themed code is set to add an optional privacy feature to Litecoin users and other upgrades. The code has been in the works for a while now. The Head developer at the Litecoin Foundation has announced the completion of the MimbleWimble code. Per the developer, part of the code has been submitted for audit and review to Github.
The audit process can take weeks to complete, and the rest of the code is also scheduled to be submitted soon. Once the review is successful, miners and node operators’ support will allow the code to go live on the Litecoin mainnet – adding the privacy features to the network. While some Litecoin price predictions expect a positive outlook after the upgrade.