Various analysts have released their Litecoin price predictions because it’s been drawing significant attention from crypto traders. With notable insights from two influential analysts: “WorldOfCharts1” and “Cryptoinsightuk.”
The analysts have based their insights on key price movements and potential targets for the cryptocurrency, which is now showing signs of a strong breakout. Let’s go into details:
Litecoin’s Breakout Targets $110
WorldofCharts, with more than 34,000 followers on X, posted an analysis of Litecoin; he stated that the cryptocurrency is currently breaking out, with several resistance levels in sight.
The analyst first points to the $73-$75 range as a key intraday target. This is where short-term traders may face selling pressure, leading to potential consolidation before a larger move.
Image Source: X/WorldofCharts
However, if Litecoin manages to break this initial resistance, the next target lies in the $86-$90 range for the short term.
Furthermore, WorldOfCharts1 predicts that LTC could test the $110 level in the midterm. This would signal a major bullish trend for the cryptocurrency, especially if it sustains its momentum past the $90 mark.
Achieving this level would require strong buying pressure and favorable market conditions, which seem plausible given the current market sentiment.
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Show more +Show less – Highest 4-Hour Close Since August
Cryptoinsightuk, a popular crypto analyst on Twitter, also notes that Litecoin has just achieved its highest 4-hour close since August 3rd.
The analyst cited the historical significance of Litecoin’s performance in 2017, where the token surged from $4 to $400 in a major rally. Ever since, LTC has been in what many call an “accumulation phase,” with relatively modest price movements compared to its previous highs.
Image source: X/Cryptoinsightuk
This recent price action may indicate that Litecoin is finally breaking out of its long-term accumulation, suggesting there could be a substantial upward movement ahead.
The parallels between LTC and XRP, which also experienced a massive rally in 2017 and has since been relatively dormant, hint that both tokens may have more life in them than the market has given credit for. This new 4-hour close could be the beginning of a larger move, similar to Litecoin’s performance in previous bull runs.
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Technical Indicators and Sentiment Align for a Strong Bullish Trend
The analysts highlight the importance of key technical indicators. WorldOfCharts1 points to the importance of volume and moving averages in sustaining LTC’s bullish trend.
However, rising buying volume would confirm the breakout’s strength, while Litecoin’s price staying above its 50-day and 200-day moving averages would further validate the upward trend.
Finally, Cryptoinsightuk draws attention to the Relative Strength Index (RSI), which shows that LTC is nearing overbought conditions. While this suggests a potential short-term pullback, it doesn’t rule out further upward movement in the long term.
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