TL;DR Breakdown
- Litecoin price prediction expects a rise to $164.
- Strong resistance lies at the $144 mark.
- Strong support lies at the $136 mark.
Litecoin has gained new bullish momentum as the new month began. In the daily timeframe, the price action of the cryptocurrency can be observed to be steadily going upwards. The 24-hour low for Litecoin was $127 while the 24-hour high was at $145. At the time of writing, Litecoin was trading hands $143 apiece.
Out of the 26 technical indicators, 16 stand at the buy position, two stand at the sell position, and eight stand neutral. Eight of the moving averages are neutral, while two indications are of buy and one indication of sell. 14 of the moving averages are giving out a buy signal with one indication of sell and zero neutral indications.
Litecoin price prediction: What to expect?
Analyst Vince Prince has identified a massive bear flag formation in his Litecoin price prediction. Per the analyst, the cryptocurrency is operating in a triangular formation and through a coherent wave count within the triangle. Litecoin stands at the wave c of the formation on the upper boundary of the formation. Prince expects Litecoin to show bearish momentum in the short-run as it touches the lower boundary while developing wave D of the wave count.
The formation’s final wave will prove to be crucial for the cryptocurrency as Litecoin will be likely to break out of the formation due to strong bullish momentum. As Litecoin moves out of the formation, the resistance level at 4164 will be activated. Litecoin can either break the strong resistance or fail to test it. If Litecoin fails, it will be indicative of bearish pressures, and a sharp drop in its value can be expected. The lowest support level lies parallel to the price level of $117, where it is expected to sustain in case of a drop.
Analyst Jiminy Cricket has identified an Adam and Eve formation in his Litecoin price prediction. Litecoin has formed the formation in longer time frames. The first part of the formation has started forming in April of 2018. As the Adam and Eve formation indicates bullish momentum, the Litecoin price prediction expects it to be a good opportunity to go long on the cryptocurrency. Litecoin is expected to break out towards the upside. The Moving Average Convergence/Divergence (MACD) can also be observed to be gaining bullish momentum.
Litecoin network upgrade underway
Litecoin has been underway, bringing some major changes to the network. Initially proposed in 2018, the MimbleWimble protocol will enable Litecoin to offer increased privacy to its users. The protocol will allow Litecoin to have an added feature of private and non-interactive transactions. The lead developer of the project has revealed that major development has been made in the program implementation.
The code of the protocol is all set for review in March. Litecoin, one of the largest cryptocurrencies, has lacked privacy, which has acted as a hurdle for the cryptocurrency is gaining more popularity. A new proposal has also been made to Litecoin. MingleJingle is the updated version of MimbleWimble. The developer behind MingleJingle is the same as that behind Monero.
