Litecoin price prediction: LTC to $158, analyst

TL;DR Breakdown

• Litecoin price currently trading at $150.
• The closest support level lies at $148.
• Litecoin price prediction faces an ascending resistance line at $155.

Litecoin has shown major fluctuations lately. In the daily timeframe, the price of the cryptocurrency had a big jump to the upsides from the 140s to 150s. At the start of the day, Litecoin established its 24-hour low at $135 while the 24-hour high was established at $155. At the time of writing, Litecoin was trading $150 apiece. 

Litecoin price chart by Trading View

14 of the technical indicators are standing at a buyers’ position while 10 are neutral with two sell indications. Nine of the oscillators are neutral with two buy indications and zero sell indications. Of the moving averages, 14 stand at the buy position with one at neutral and zero at the sell position. 

Litecoin price prediction: What to expect?

Analyst Frumentarii had earlier identified the cryptocurrency in a triangle formation in his Litecoin price prediction. However, the recent boost in bullish pressures led to a slight earlier break out from the triangle. Per the analyst, Litecoin was also following a coherent wave count but after breaking out, the cryptocurrency shifted to another wave count. Per the newer wave count, Litecoin is bound to have fluctuations in the short run but be on an upward trajectory in the long run. Litecoin is currently on an upward trend completing the first wave of the wave count.

Litecoin price prediction by analyst Frumentarii

Following the wave count, Litecoin will also encounter various Fibonnacci levels as support and resistance. The 0.5 Fibonacci level that lies parallel to the price level of $149 is acting as support for the cryptocurrency. The next resistance level that will be encountered by the cryptocurrency lies at $158 – at the 0.68 Fibonacci level. The resistance level will be followed by the $170 and $186 marks which lie at 0.786 and 1 Fibonacci levels respectively. The analyst believes Litecoin will break all resistance levels and has set a price target of around $200. However, the market is unpredictable and only time will tell if Litecoin can break the resistances or not. 

Analyst Solldy has pointed out a major resistance line in his Litecoin price prediction. According to the analyst the resistance line is ascending and the cryptocurrency had tried to test it earlier during the day but failed. The analyst predicts that after failing to break the resistance, bearish pressures are likely to overtake and Litecoin will drop in value. The analyst has set a price target in the range of $144 to $147.   

The music and record label firm Ditto made a recent announcement about a launch of a decentralized platform where music will serve as an asset. The new platform, Opulous, will empower artists as Opulous will act as an alternative sourcing of finance for artists. Ditto has a huge user-base – around 250,000 – but the platform will be open to everyone not just the users. Artists will be able to borrow and as well lend to the platform. The product is set to be launched in April. Opulous is not just a unique innovation for artists but also for investors to and high investor interest is expected.