- Litecoin price prediction expects a rise to $220.
- Strong resistance is currently found at the $195 mark.
- Strong support is currently found at the $162 mark.
As the cryptocurrencies picked up the pace at the start of the month, Litecoin lagged a bit as it faced strong resistance at $160. However, Litecoin has successfully broken the resistance level and the price actions of the cryptocurrency have seen a sharp surge. Litecoin’s price is seen to be in an upward trend in the daily timeframe. The 24-hour low for Litecoin was $164 while the 24-hour high was at $194. At the time of writing, Litecoin was trading hands $190 apiece.
Of the 26 total technical indicators, 17 are giving out a buy signal while seven stand at neutral and two indications stand at sell. Six oscillators are at a neutral position while three at the buy position and two at the sell position. 14 of the moving averages are giving out a buy signal with one neutral indication and zero sell indications.
Litecoin price prediction: What to expect?
Analyst Cryptotrader has set a price target of around $250 for the cryptocurrency in his Litecoin price prediction. Per the Litecoin price prediction, the upcoming price action of the cryptocurrency will be crucial for its future as Litecoin can take two possible routes at this point. In the first scenario, Litecoin can continue its upward trajectory and achieve a price level of $250.
However, Litecoin can also experience a sharp decline. In that case, Litecoin will enter the buy zone – identified by the analyst at point C – and accumulate. The buy zone lies parallel to the price level of $110. The analyst is suggesting a long position at the buy zone as Litecoin is expected to, once again, continue its upward trend. The Moving Average Convergence/Divergence and the Relative Strength Index, are bullish, further strengthening the bullish pressure of the cryptocurrency.
Analyst Harison HBN has identified multiple formations in his Litecoin price prediction. The cryptocurrency had been operating in a falling wedge formation. Litecoin broke out of the falling wedge formation a few days ago and is now on a steep upward trend. Various Exponential Moving Averages are acting as support levels for the cryptocurrency. Litecoin has surpassed the expectation of many analysts and is moving at an exponentially increasing rate. The cryptocurrency may be underway breaking its all-time high at $260 established in the 2017 bull run.
In the derivatives market, Litecoin holds the third rank – only behind Bitcoin and Ethereum. As the price of the cryptocurrency started to climb upwards, the derivatives of Litecoin also jumped. The open interest on the futures contracts of Litecoin has reached a record high of $584 million. Investment firms like Grayscale have shown their desire to invest in the cryptocurrency market. The record high open interest is indicative of the increasing interest of firms like Grayscale in the cryptocurrency.
The Grayscale Litecoin Trust is the third-largest in the Bitwise 20 Crypto Index Fund, and Grayscale has continued to add to the Trust. Litecoin has proved itself, time and again, to be a viable alternative to the king and queen of the market, and investors are taking increasing notice of it. The increasing interest on the futures contracts enables increased participation.