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- Litecoin price prediction is bullish for the long term and may strike $100.00.
- LTC price showed V-shape recovery and up by about 45% from the low swing.
- Litecoin crypto price sustained above 50 and 200 day EMA showcase uptrend.
Litecoin (LTC) price prediction favors the bulls and suggests upward momentum to continue in the coming months. LTC price had shown a V-shape recovery from the recent low swing at $65.00 and succeeded to break the $90.00 hurdle level.
LTC is also trading above the 50 and 200 day EMA, in the upward direction. The altcoin has witnessed a massive spike in the buying volume, which denotes that some genuine buyers are accumulating from the lower levels.
Litecoin price trading at $93.61 with an intraday rise of 2.31% and 24 hour volume to market cap ratio is at 0.0772. The LTC/ BTC pair is trading at 0.003379 with an intraday rise of 1.41%, showing the same direction between both the pairs. In mid-February, LTC had tried to break out of the $100.00 mark, but prices got stuck in the range and failed to keep up with the momentum.
LTC price is sustained above the 50 day EMA, which acted as support for the bulls. The price consolidated for a couple of weeks near the supply zone in the hope of forward expansion. However, at the beginning of March, global market sentiment began to turn bearish and LTC price dropped below the lower range support.
Will Litecoin Price Hold the Higher Level?
Litecoin price fell about 38% from its recent peak of $106.00 and dragged the prices near to the three month low. In mid-March, LTC price found support at $65.00 and formed a bullish engulfing candle. Therefore, $65.00 will act as a strong support level for bullish traders. LTC witnessed a massive spike in buying volume and prices also followed the same direction, increasing the probability of sustaining the higher levels.
Will LTC Price Break the $100 mark?
Litecoin price had struggled for a few days to break out of $90.00 but finally bulls succeeded to break the hurdle. Technical analysis suggests that LTC price is in the bulls grip and prices are likely to strike $100.00 in the coming months.
However, it might consolidate for a few weeks before picking up further momentum. On the other hand, if the LTC price drops below $85.00, then bears might again try to pull the price down toward the $75.00 level.
Conclusion
Litecoin price prediction suggests a rise in the long term and possibility of reaching the $100.00 mark is high. According to technical analysis, LTC price is in the bulls’ grip and the recent up move looks quite sustainable. However, any minor profit booking will have a high probability of bouncing back from the support levels.
Technical levels
Resistance levels : $100.00 and $106.00
Support levels : $75.00 and $61.00
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
