Litecoin price prediction: LTC towards $120, analyst

TL;DR Breakdown

• Litecoin price prediction expects a drop in the price.
• Strong resistance currently lies at the $154 mark.
• Strong support currently lies at the $146 mark.

Following the major cryptocurrencies, Litecoin also reached out upwards. Litecoin started the day with low price levels and achieved a daily low of $143. However, it quickly gained momentum and reached the 24-hour high of $156. The cryptocurrency remained unstable, fluctuating greatly. At the time of writing, Litecoin was priced at $147. 

The overall market sentiment for the cryptocurrency is bullish. 14 of the total 28 technical indicators are standing at buy, nine are neutral, and five are sell indications. Eight of the oscillators are neutral, whereas two are at buy with only one indication of sell. 12 of the moving averages are giving out a buy signal with one neutral indication and four sell indications. 

Litecoin price prediction: What to expect?

Analyst Mountain Trader FX had identified the cryptocurrency in an ascending channel formation in their Litecoin price prediction. However, during the corrective move, Litecoin fell out of the channel as bearish pressures dominated. The analyst then pointed out the formation of a bear pennant by the price action of the cryptocurrency. The formation is indicative of the strong bearish pressures that currently have a hold on Litecoin; hence, the analyst believes that Litecoin will be falling soon.

At the time of writing, a break-out from the bear pennant had been identified, although it is not confirmed yet. If the LTC break-out from the bear pennant is confirmed, the analyst believes that the cryptocurrency’s first target price will be $122. And if Litecoin continues the downward trajectory, Litecoin is likely to reach the second target price at $98. The analyst also believes that the cryptocurrency can pick up its growth from the identified target price levels.

Analysts are not all bearish on the future outlook of Litecoin as some analysts have predicted very optimistic price targets for the cryptocurrency. Analyst Bitcoin Guru has identified a mega-bull in their Litecoin price prediction. The analyst has based their analysis on the historic mega-bull fractals that formed parabolas. The cryptocurrency is currently developing a bullish fractal.

Per the analyst, Litecoin has completed a long-term double bottom bull reversal of the bear trend during 2019 by establishing a rounding bottom, indicating an optimistic future for the cryptocurrency. The analyst has set high price targets for the cryptocurrency, which would hold if the mega-bull is confirmed. The first target price is at $2,300, followed by $3,700 and finally $4,900.

Another analyst, Chris Ptaco, is also very hopeful for Litecoin’s future. The analyst hopes for a price level of $3,000 by 2022 for the cryptocurrency in his Litecoin price prediction. He further establishes the cryptocurrency is in a sharp ascending channel formation. He believes that Litecoin needs to stay above the resistance-turned-support level of $145 to cross the $350 price level. Per the analyst, once the cryptocurrency crosses the $350 price level and stabilizes, it is very likely for Litecoin to continue upwards on a straight trajectory to the $3,000 price level.