Key Insights
- Litecoin price has surged by 25% in a week.
- RSI has displayed a golden crossover which signals a bullish forecast
- Despite the recent general market correction, nearly three-quarters of LTC holders are still profitable.
Litecoin (LTC) price has undergone a correction phase after a bullish rally. It has been struggling in a parallel channel and nearing a support zone of $140.
Litecoin price has overtaken the 20-day EMA during this bullish trend, indicating the strength of the buyers. The price has risen 20% over the last few days, forming two powerful marubozu candlesticks.
The price of Litecoin has been strongly rejected from the $140 range since December. The price was getting close to this zone once more, although sellers had dominated three times.
Litecoin Price Gains Momentum: Analysts Weigh In
@ali_charts is a crypto analysis page on X that has shared an analysis of the Litecoin price forecast. This news indicates that the LTC price has the potential for a bullish rally. The significant increase that occurred at the session’s close of $127.98 indicated that buyers were actively driving Litecoin higher. But if LTC can maintain a close above the crucial $141 mark, that will be the key to a stronger rally.
Crossing this level, which has historically served as a strong resistance, could greatly increase bullish sentiment and possibly push the price toward the next resistance levels, which are located around $152 and, eventually, the $170–$200 range.
On the other hand, Litecoin’s price could retrace if it is unable to sustain its upward trend and close convincingly above $141. Levels of immediate support could be between $120.50 and $114.50.
LTC may test additional supports down to $108.50 or even lower if these levels are broken, wiping out recent gains.
Although the uptrend is present, the movement isn’t yet verified as a distinct breakout, according to the market dynamics as of right now.
If resistance remains strong, traders should be cautious of a possible fallback or wait for a sustained close above $141 for a bullish confirmation.
Can Litecoin Price Flip Resistance Zone to Support Zone?
When writing, Litecoin crypto was trading at $121.72 which has remained neutral over the past 24 hours. The market capitalization was $9.28 billion and the 24-hour trading volume was around $1.51 billion.
Litecoin price prediction indicates that the price is approaching the $140 resistance zone after leaving the support zone. Because of the bullish market sentiment at the moment, the likelihood of a breakout rises.
It might be a bullish indication if the price breaks out of the $140 resistance level. Strong buying momentum is expected once the price is maintained above the $140 range. RSI has triggered a golden crossover with the RSI-based moving average which showcases the bullish forecast.
The top coin with bullish momentum in the support zone is Bitcoin. It could have a bullish effect on the altcoins if it starts a bullish momentum.
It is anticipated that the price of LTC will hit $200 in the coming weeks following a successful breakout. The bullish forecast is demonstrated by the golden crossover that the RSI-based moving average has produced.
On the other hand, sellers might take the lead if the price encounters resistance from the $140 resistance area.
Sellers may push the price down to the $95, support zone if the price of Litecoin creates any bearish candlesticks in this range.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
