- Litecoin price prediction chart expects a rise to $177.
- Strong resistance currently lies at the $66.5 mark.
- Strong support currently lies at the $150 mark.
Litecoin appears to have jumped high up as the cryptocurrency hiked from a 24-hour low of $138 to a high of $166.5. Having broken previous resistance levels, Litecoin has found stability near the $160 price level. At the time of writing, Litecoin is trading hands $159 apiece. Litecoin saw a price uptrend in the past 24 hours, while the market capitalization amounts to $10.557 billion to $ and the trading volume is $8.067 billion currently.
Out of the 28 total technical indicators, 17 are giving out a buy signal whereas nine are at neutral position and two are at sell positions. Eight of the oscillators are neutral with two indications of sell and zero indications of buy. Out of the 17 moving averages, 16 stand at buy indications with one neutral indication and zero sell signals.
Litecoin price prediction: What to expect?
Analyst Max Stool has identified a coherent wave count for the cryptocurrency in his Litecoin price prediction. As per the analyst, Litecoin is on an upward trajectory following the wave count. The cryptocurrency has completed the first and second waves and is now underway developing the third wave. The third wave lies at around 1.414 Fibonacci level, parallel to the price level of $176.
The analyst expects a pullback from the cryptocurrency in the form of the fourth wave, where Litecoin can go to the 0.88 Fibonacci level at $153. However, the pullback will be short-lived as Litecoin continues to complete the wave count formation at wave five, where it can achieve a price level of $190.
Analyst Top Trading Signals has identified an upward trajectory for the cryptocurrency after breaking out to the upside from a triangular formation in their Litecoin price prediction. The analyst is optimistic for Litecoin as bullish pressures have undertaken the cryptocurrency. Per the analyst, the first target price for Litecoin is at $157 – which the cryptocurrency has achieved.
There are strong indications of Litecoin successfully achieving the rest of the target price levels as well. The next price level is set at $170, followed by $190. The final target price is the all-time high of Litecoin, and the analyst is hopeful Litecoin will break the level soon.
Flare network integrates with Litecoin
Flare networks have announced a Litecoin integration. This will enable Litecoin users to utilize smart contracts through the Flare network without undergoing the extra headache of creating a tokenized version of LTC on Ethereum’s network. The network has also dedicated 5 Billion FLR – the native Flare network token – to Litecoin users.
The integration with the Flare network can increase the adoption of Litecoin as Litecoin users will be allowed access to Ethereum-style smart contracts. Litecoin users will also create decentralized apps similar to the ones found on Ethereum’s network. This could be the initiation of DeFi in Litecoin’s network, making Litecoin price predictions fall to the positive side.
Previously, Flare had announced an integration with Ripple, and now the integration with Litecoin is underway. The Flare network will utilize both XRP and Litecoin’s ledger for its smart contract. The network is aimed to launch on the mainnet in the second quarter of 2021.