Litecoin price prediction: LTC can hit $800, analyst

TL;DR Breakdown

• Litecoin price prediction expects a rise towards $800.
• Strong resistance lies at the $180 mark.
• Strong support lies at the $162.50 mark.

Litecoin is gradually continuing its modest upward movement. The 24-hour movements of the cryptocurrency were fluctuating greatly. Litecoin dropped to a daily low of $150 while the 24-hour high was $180. At the time of writing, Litecoin stands at $170. The market sentiment for Litecoin is bullish, as is the whole cryptocurrency market currently.

Out of the total twenty-eight technical indicators, seventeen are at buy, 6 are neutral and 5 are sell. Of these technical indicators, oscillators are mostly pointing to sell signal with 5 neutral and 2 buy while moving averages are mostly indicating buy with 1 sell and neutral indication each. 

Litecoin price prediction: What to expect?

Analyst Guapeva, in their Litecoin price prediction, has pointed out the formation of an ascending channel. Litecoin has been moving inside the ascending channel formation in the long-term. The middle of the ascending channel has proved to be acting as an ascending resistance line as Litecoin has previously tried to cross the level but had been unsuccessful. The previous all-time high is now at the ascending resistance line – the middle of the ascending channel. Litecoin is expected to face strong resistance at this level.

But in light of the other technical analysis factors, the analyst is hoping for Litecoin to cross the resistance level without much struggle. The RSI has broken resistance levels and is currently bullish. The Stochastic RSI is also bullish, whereas the MACD has moved into a bullish zone. After breaking the all-time high, the analyst is expecting the cryptocurrency to break out of the ascending channel formation. The breakout will occur at the level of $3,810, as per the analyst. 

Another analyst, Big Lava, also identified Litecoin to be in an ascending channel formation in their Litecoin price prediction. However, the analyst’s predictions are not as optimistic; the analyst expects Litecoin to swing to the upper boundary of the formation at $196 but pullback and continue in the channel. 

Analyst Oscar Lii has identified an Adam and Eve formation in his Litecoin price prediction. The Adam and Eve formation is an indication of the bullish momentum of the cryptocurrency. The figure is to be completed at the $159 level after which a breakout to the upside is expected by the analyst. The analyst is very optimistic for Litecoin future and has predicted a short-term potential target of $800. The RSI is also bullish and is nearing the level of the 2018 boom, which means Litecoin can be expected to break its all-time high level. 

Even though Litecoin has been relatively stable compared to other major cryptocurrencies, some analysts are expecting major fluctuations from Litecoin.

Analyst Project Syndicate is expecting major ups and downs from the cryptocurrency in their Litecoin price prediction. Litecoin is expected to have formed a wave count with really sharp movements. The analyst is expecting LTC to take a dive to around $140. Per the analyst, this up-down movement will continue for a while as the wave count moves upwards. Litecoin can find strong support at $140, and the bullish momentum of the cryptocurrency can be expected to continue for a while.