- LTC price prediction shows the crypto asset is on the brink of a significant bull run after bypassing its $240 temporary swing high.
- A 30 percent price surge is likely if Litecoin moves past its 3-day demand zone.
- A 30 percent surge could push Litecoin towards the $280 price region.
- Technical indicators show Litecoin is currently bullish, suggesting it’s an excellent time to buy.
During the recent crypto market crash, Litecoin, like many other cryptocurrencies, suffered heavily. However, it seems the crypto asset is on its road to recovery with signs of recording a significant comeback.
LTC Price Prediction: General price overview
During yesterday’s trading activity, Litecoin recorded a decisive close at the $247 region after recording a high of $248 and a low of $234. This came at a time Litecoin had recorded several price slumps in consecutive sessions. But it during Monday’s trading session, the crypto asset reversed this downward trend to kickstart a bullish momentum. Litecoin managed to rebound close to the $250 mark during Monday’s trading session as the crypto market roars back to life.
During Monday’s trading session, it appears Litecoin was on queue with Bitcoin’s colossal upturn. The sudden uptick was supported by JP Morgan’s report of launching a Bitcoin fund to its global customers later this year. Additionally, Bitcoin got support from unlikely quarters when Sean Culkin, an NFL player, states he would be transferring his whole annual salary into Bitcoin.
Recently, PayPal CEO stated that he was considering incorporating Bitcoin and other crypto assets in their payment portfolio following the gradual decline of fiat currencies. PayPal operates in more than 200 countries and transacts with more than 100 currencies.
LTC price movement in the past 24 hours
According to Litecoin’s daily chart, the crypto asset shows it managed to surge upwards above the recent $243 swing high. This price movement paints a bullish picture as it matches with the three-day demand zone. This demand zone ranges between $210 to $244. This communicates to potential traders because Litecoin is on its way to a 12 percent price surge towards the $285 price region. This price coincides with the 50 percent Fibonacci retracement level. If Litecoin manages to close the day above this resistance level, it will trigger a massive buying spree that will push its price upward by another 15 percent towards $330.
Recently, Litecoin’s Momentum Reversal Indicator highlighted a red one candlestick on its chart, indicating a price retracement might be close. Traders should prepare themselves for a reentry of Litecoin into the $285 support region following the prediction of the one-to-four candlestick correction. However, traders should expect a brief price pullback amid the coin’s bullish momentum.
LTC 4-hour chart
Litecoin’s 4-hour chart agrees with the bullish narrative. Litecoin holders holding more between 10,000 to 100,000 appear to be on the rise on its supply distribution model. Before, there were about 420 whales, but now there are more than 435. This is roughly a 3 percent increase, suggesting heavy investors are optimistic with the current bullish narrative of Litecoin.
Another significant technical indicator that validates the positive outlook of the crypto coin is the 30-day Market Value to Realized Value (MVRV) ratio by Santiment. This technical indicator is used to calculate the average profit or loss of holders who bought a crypto asset in the past 30-days. At present, this model shows Litecoin is still highly undervalued.
Although Litecoin is currently basking on the light of a bullish narrative from different technical indicators, the crypto coin has to settle above $218 for any upward movement to occur. Failure to do so could see Litecoin plunge lower trend line of the demand zone at $10 or $205.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.