HomeLatest NewsLitecoin (LTC) Price Seeks Fresh Momentum as Bulls Hold Key Support

Litecoin (LTC) Price Seeks Fresh Momentum as Bulls Hold Key Support

Litecoin could rally by 52% to reach a new all-time high above $400, a crypto analyst says

Litecoin bulls are looking to hold prices above the 100-day simple moving average near $257, which would provide a foundation for fresh gains.

Litecoin is currently trading around $273 against the US dollar, about 4.5% up over the last 24 hours. The intraday gains have seen bulls recover some of the recent losses to see LTC/USD turn green on the weekly time frame.

Crypto analyst Altcoin Sherpa says LTC could surge to a new all-time high of $420 given its bullish outlook.

If this analyst’s view were to hold, Litecoin could rise by nearly 52% from its current price level.

LTC price 4-hour outlook

The technical view for LTC/USD on the 4-hour chart suggests a bullish flip, even though bears might still have a say given the long shadow on the current candle.

However, the RSI has climbed above the middle line and currently prints 52, while the MACD is strengthening after a bullish crossover.

As can be seen on the chart below, LTC/USD is gaining momentum and increasing above the 100 SMA. Uncertainty now seems to be resolving, with price heading upwards as bulls seek to strengthen their position after bouncing off $257.

LTC/USD 4-hour chart. Source: TradingView

A high is formed near $279 where LTC faces slight resistance at the wedge pattern trend line and the 61.8% Fib level of the swing from $335 to $241.

A clear break above this supply zone will allow buyers to target the 50% Fib level ($288). Another leg up will bring into play a run to $313 and then the recent top. If buyers break above the 52-week high of $335, they can then target the all-time high of $375 reached in December 2017 and then, eventually, $400.

If things go the other way, the initial support level is at the 78.6% Fib level near $261. The next demand zone is near the 100 SMA ($257), while Litecoin’s price might decline to $240 and then $215.

Sign up to our exclusive newsletter today!

Tailored emails

No SPAM ever!

Alt coin news

Unsub anytime

After signing up, you may also receive occasional special offers from us via email. We will never sell or distribute your data to any third parties. View our privacy policy here.