TL;DR Breakdown
- Litecoin price prediction expects a rise above $140.
- Strong resistance lies at the $134 mark.
- Strong support lies at the $123 mark.
The now-fourth-largest cryptocurrency had a remarkable year. It started the new year with a positive note but it is facing strong resistance ahead and online time will tell if the cryptocurrency will be able to break out of the resistance levels. The most prominent resistance level is at $145 but Litecoin has been struggling to cross over $135 as well.
At the time of writing, Litecoin stands at $125.38. The coin topped the day at around $134 whereas the 24-hour low was $123. The technical indicators suggest a buy signal. Twelve of the total twenty-eight technical indicators are buy, ten are neutral whereas only six are sell. Majority of the oscillators neutral while most of the moving averages are buy.
Litecoin price prediction: What to expect?
In his Litecoin price prediction, analyst Vince Prince has identified the coin to have formed a descending channel formation. A coherent wave count can also be seen to have been formed by Litecoin. The coin has successfully completed the waves A to D. after completing the wave D at $132, Litecoin appears to be moving close to the upper boundary of the ascending channel formation, most likely to retest the boundary as resistance.
The wave E lies at $112 and with the convergence of the 135 EMA – in red – and the second ascending trend line at the wave E, it will be serving as a breakout origin cluster. The cluster is expected to push Litecoin towards the upper boundary of the ascending channel formation and retest it. The first ascending trend line can also act as support for Litecoin to help it break out of the channel. If Litecoin breaks out of the channel then that will be a confirmation of the final bull flag. Litecoin can be expected to rise along the second ascending trend line and higher potential targets can be unlocked.
In their Litecoin price prediction, analyst Trading Guru was optimistic for the future outlook of the coin. Litecoin has observed a price growth of 15% in the last two weeks and the growth can be expected to continue for the coming days. The analyst suggests a long position as the risk and reward ratio appears to be profitable. As per the analyst, Litecoin can be expected to achieve a growth of 10.64% as it reaches the $140 price level.
Analyst Cryptos Coffee has pointed out a parabolic structure in their Litecoin price prediction. The parabola has started since October of 2020 and the price action of Litecoin suggests a continuation of the parabola. The analyst has also recognized a wedge formation. Litecoin is approaching the end of the wedge formation and the analyst expects the coin to break out to the upside from the structure. As per the analyst, if Litecoin continues along the parabola then it can be expected to make a quick for the $145 to $150 level soon, smashing all resistance levels.
Analyst Nagihatoum has also confirmed a bull flag in their Litecoin price prediction and suggests no heed be paid to the bearishness of the coin.
