- Litecoin price prediction expects a rise above $200.
- Strong support is found at the $120 mark.
- Strong resistance is found at the $134 mark.
Litecoin had seen phenomenal growth in the previous year. It also becomes the fourth largest cryptocurrency by de-ranking Ripple. The all-year high of 2020 was around $130. Litecoin achieved a value of $133, higher than the previous year’s high. This can indicate the positive outlook of the new year for Litecoin.
For the first day of the new year, the daily low was $122 while the all-day high was $133. Litecoin is currently priced at $126.24. The coin’s market sentiment appears to be bullish as most of the technical indicators are giving out a buy sign. Of the total twenty-eight technical indicators, most of the oscillators are neutral, whereas most moving averages are indicating a strong buy.
Litecoin price prediction: What to expect?
Analyst Shubbs had identified an Adam and Eve shape over three years of Litecoin’s price action. The neckline of the pattern lies at $145, and the double bottom lies at $25. Adding the difference between the neck-line and the bottommost value – which is $120 – with the neckline will give us the target value. The target value of $265 is expected by the analyst to be achieved in the coming months.
In his Litecoin price prediction analyst House MD explains that Litecoin should be closely watched in the coming times as it shows great potential. As per the analyst, Litecoin had outperformed all other major cryptocurrencies, including the king and queen of cryptocurrencies.
Litecoin solely follows Bitcoin, and as Bitcoin hit, an all-time high Litecoin followed suit. Although the Bollinger band and other indicators are lagging, the analyst states that they do not matter much as Litecoin gives some of its best performance. The analyst had formed a very clever serpent shape in the price action of Litecoin. The coin faces strong resistance at the $145 level, and much stronger support can be found at the $69 level.
Analyst Bumincetin had identified a symmetrical triangle in Litecoin’s price action, but the coin broke out of the triangle towards the upside. This is a strong indicator of bullish pressure on the coin. According to the analyst, the coin is ready for a major bullish breakout to a level of $150. The analyst expects this to happen when Bitcoin reaches the $30k level as Litecoin closely follows the king’s movements of cryptocurrencies.
Analyst Taufik has displayed a major upward trend of the coin using the 4-hour uptrends since the previous year. The coin has been rising steadily to test the strong resistance level of $145, and Litecoin is expected to test the resistance successfully. As the MACD is on a downward trend, the analyst hopes that it will soon reverse and then it can be an ideal scenario to buy the coin.
Most Litecoin price predictions suggest a long position as Litecoin appears to be bullish and indicates future bullish trends. With the recent rise in market capitalisation ranks, traders are expecting Litecoin to continue rising steadily. The new year’s optimistic outlook can result in new all-time highs being established by the coin in the new year.