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- 1 The Litecoin crypto showcased a breakout from a symmetrical triangle pattern on the daily chart.
- 2 LTC crypto was trading close to $82.23, reporting a significant intraday development of 10.29%.
Litecoin crypto was up 10.29% intraday on Thursday and is poised to gain more by the end of the session. The bulls were dominating in the last few sessions after the breakout of a symmetrical triangle pattern formed over the daily chart.
Moreover, the LTC crypto is trading for the last five consecutive sessions and closing in green, suggesting the bulls are dominating the short-term chart. Also, the bulls are reclaiming higher levels as the price lifted off with momentum on Thursday.
On the higher side, the $100 level might be the next important hurdle for short-term investors and traders. The price rise is backed by momentum and might continue to surge, forming higher lows.
The daily chart shows that Litecoin price is bullish and is producing an upward trajectory. The sellers have gone on the backfoot after the intraday surge. At the time of writing, the LTC crypto was trading close to $82.23 with a live market capitalization of $6.06 Billion.
Is Litecoin Crypto All Set to Conquer $100 Mark?
The short term trend outlook suggests that the bulls are increasing their domination to keep the LTC price higher above the key EMAs. However, the bears are trying to defend the higher supply levels of $85 level.
On the higher side, the $85 level is acting as a hurdle for the bulls and preventing the price from approaching the important psychological level of $100. The overall crypto market is bullish as Bitcoin and Ethereum are on the way to their record highs.
Bitcoin has smashed $60 K level and is headed towards its three-year record high of $69K. On the other hand, ETH has surpassed the $3300 level and is rising to reclaim $3500 as the next target.
Litecoin Price Technical Analysis
The technical indicators imply a positive outlook above the key EMAs of 20, 50, and 200-Day exponential moving averages (EMAs). The EMAs may act as a dynamic support if the price falls.
At the time of writing, the RSI line was placed at 78.8 points and that of the 14-Day SMA line was placed at 55.74 points. RSI line has made a bullish crossover of the SMA line, suggesting a short-term bullish outlook.
Litecoin Crypto Prediction March 2024
The price prediction of Litecoin crypto for March month shows that the LTC crypto may continue to rise higher until the buyers keep on adding. On the higher side, $100 and $115 may be next possible targets if the buyers are able to surpass the $85 level.
Litecoin Price Prediction 2024
The price forecast for the year 2024 highlights that the LTC token price could reach a high of $127.09, suggesting a potential gain of over 54.2%. Moreover, the bearish outlook of the analysts hopes the price could reach $104.7 by the year-end.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
