- Litecoin price prediction expects a correction before $250 high.
- Strong resistance is found at the $205 mark.
- Strong support is found at the $200 mark.
- MimbleWimble upgrade is due to roll out in 2021.
Litecoin went up to $245 in the recent bull run but hopes of establishing a new all-time high were squashed as the cryptocurrency fell. In the 24-hour timeframe, cryptocurrency has stayed relatively stable. The 24-hour high was established at $209 while the 24-hour low was at $195. At the time of writing, Litecoin stands at $202.
The market sentiment for Litecoin is bullish as the technical indicators are giving out a buy signal. Of the 26 total indicators, 10 stand at neutral, 12 at buy and four at sell position. The oscillators are giving out a neutral indication while the Moving Averages area giving out a strong buy signal.
Litecoin price prediction: What to expect?
An analyst has identified key levels that would play a major role in the upcoming price of the cryptocurrency in his Litecoin price prediction. Per the analyst, Litecoin is expected to continue on a downtrend. The first key support level can be found at the price level of $187 which lies parallel to the 0.5 Fibonacci retracement.
Per the analyst, if Litecoin successfully tests the support level and stabilizes it can be expected to reverse its trajectory and start off on an upward trend. However, in the bearish scenario, the support level will not hold and Litecoin will fall lower to test the subsequent support level at $173 at the 0.618 Fibonacci level. Litecoin is hoped to stabilize at the support level and move upwards.
Per the analyst, the Relative Strength Index (RSI) is neutral and either of the bullish or bearish scenarios can unfold. The analyst believes these can be the final market corrections for Litecoin after which it can possibly test its all-time high.
Analyst Petter has identified Litecoin inside a horizontal channel in his Litecoin price prediction. Per the analysis, the cryptocurrency support level lies at $193, while the resistance is at $208. The analyst has also pointed out a possible break out at the intersection of the horizontal channel with an ascending channel’s lower boundary. The consolidation of the two key support levels can give the cryptocurrency a push towards the upside. In this case, the analyst has set a price target of $270 for Litecoin.
MimbleWimble upgrade to boost Litecoin price?
Litecoin Foundation has made clear plans to incorporate privacy features in its blockchain through the MimbleWimble upgrade. The Harry Potter-themed code is set to add an optional privacy feature to Litecoin users and other upgrades. The code has been in the works for a while now. The Head developer at the Litecoin Foundation has announced the completion of the MimbleWimble code. Per the developer, part of the code has been submitted for audit and review to Github.
The audit process can take weeks to complete, and the rest of the code is also scheduled to be submitted soon. Once the review is successful, miners and node operators’ support will allow the code to go live on the Litecoin mainnet – adding the privacy features to the network. While some Litecoin price predictions expect a positive outlook after the upgrade.
LTC Price Analysis: LTCUSDT Shows Bullish Recovery As it Marks its Tenth-Year Milestone
Litecoin is currently ranked the fifteenth cryptocurrency by market cap as it marks its tenth-year milestone in the crypto space. LTC holders generally do not see the tenth anniversary to be worth celebrating as their beloved crypto-asset gets dominated by Bitcoin BTC and underperform compared to other altcoins.
Litecoin LTCBTC Monthly Chart
The LTCBTC chart above highlights a bearish trend with the Bitcoin holders seeing more gains compared to LTC holders.
All attempts by LTC bulls against the BTC are to no avail as the price fails to close above a significant resistance, even with a consecutive bullish divergence in June and October ’21. We’ll need to see a price break above 0.007220 for confidence in a general price recovery for the LTCBTC.
However, the LTCUSDT is still promising with bullish recovery signals from the higher time frame, all the way down to the intraday charts. Read on as we uncover the significant chart patterns and price levels driving the LTCUSDT crypto pair.
Litecoin LTCUSDT Weekly Chart
The Litecoin price maintains a bullish outlook even after the market-wide price plunge on 10 May ’21, as the relative strength index trade above level-25 since 27 July ’20.
A recent bear-trap candlestick pattern on 27 September ’21 brings hope to LTC holders who have seen stunted returns and recovery compared to BTC and other ALT coins.
Litecoin LTCBTC Daily Chart
The 28 September bullish divergence on the daily chart above supports the bear-trap candlestick pattern on the weekly time frame, forcing the LTC price into an upbeat trajectory as old resistance [$187.00] of 24 September are now switched into support.
Bullish momentum at press time forced the LTC price above the 07 October high [$187.0] with a projected target at $240.00.
Litecoin LTCUSDT 4 Hr Chart
The regular bullish divergence support on 12 October ’21 08:00 fixed the LTC support level at $166.30 and advanced further to break the 14 October ’21 00:00 bearish divergence resistance, and flipping it into a new support level.
Although the RSI confirms a new uptrend at press time, the RSI values could drop below level-75, forcing a correction of the LTC exchange rate. The upward trend should persist as long as the RSI does not drop below level-25.
Litecoin LTC Intraday Levels
- Spot rate: 189.0
- Mid–Term Trend [H4]: Strong Bullish
- Volatility: High
- Support: $166.30 and $180.90
- Resistance: $193.00
Litecoin price analysis: Bullish momentum takes the price to $183. What’s next?
- Litecoin price analysis is bullish today.
- The nearest resistance is found at $185.4.
- The nearest support for LTC is present at $181.4.
The Litecoin price analysis reveals the market is again dominated by bulls. The price has increased today again for the third consecutive day. Overall during the last week, the price trend was slightly on a downslope, but the last three days proved worthwhile for the crypto pair as the price of LTC/USD increased from $172 to $184 during this time. Currently, the price is floating in the upper price envelope, which was found after the flash crash of 7th September. The nearest resistance for LTC/USD is present at $185.4, followed by another resistance of $189.6. On the contrary, support for LTC/USD pair is present at $181.4, followed by another support of $177.
LTC/USD 1-day price chart: LTC bulls to face resistance at $185.4
The 1-day price chart for Litecoin price analysis shows bulls are successfully maintaining the price above $180, they achieved the target yesterday and today are continuing further high. Today bulls covered the upwards range from $181.4 to the current price of $184. The LTC/USD pair gained over 2.5 percent value over the last 24 hours and around four percent value over the course of the last seven days. The trading volume has also increased by nearly six percent.
The volatility for LTC/USD pair is almost mild, but slightly on the higher side, and the Bollinger bands indicator shows a little upwards breakout with the upper band at the $194.8 mark, representing the resistance for LTC, and the lower band at the $141.6 mark, representing the lowest support for LTC/USD. The average of the indicator is at $168, which also is a support for the price, as the price is trading above the mean average.
The relative strength index (RSI) is in the upper half of the neutral zone on an upwards curve, indicating increasing buying activity in the market at a modest pace. The RSI is present at index 58 in the neutral zone.
The moving average (MA) is present at $178 below the price level complementing the bullish momentum. All the short-term moving averages and exponential moving averages support the bullish trend.
The Litecoin price analysis: Recent developments and further technical indication
The 4-hour price chart for Litecoin price analysis shows selling pressure forming in the market as price touched $184, which is evident by the last red candlestick, but traders can expect that this candlestick may turn green because the Bollinger bands have started diverging on both sides.
The increase in volatility which is indicated by the divergence of the Bollinger bands is providing more space for the upwards price function. The upper Bollinger band is now at $186, representing the resistance for LTC/USD. As the price trend is upwards, we can expect the price to rise further. The RSI has taken a downturn and is present at index 59, which is not a good indication.
Overall technical indicators support the bullish trend as 14 technical indicators show buy signs for LTC/USD assets, and only two technical indicators show sell signs, whereas 10 technical indicators show no signs and are standing neutral.
Litecoin price analysis: Conclusion
The litecoin price analysis shows bullish momentum is leading the price function. The selling pressure as noted on the 4-hour price chart may get reversed if the support remains strong and buying activity, as suggested by the 1-day RSI, keeps on increasing. Traders can expect the price to go above $184 in the coming hours.
Litecoin (LTC) Flips Ethereum (ETH) In Terms of Address Activity for Third Time in 2021
If something good that’s happening to Litecoin (LTC) as of now is that there’s a sudden surge in the Litecoin address activity as of now. On-chain data provider Santiment reported that Litecoin has flipped the world’s second-largest blockchain platform Ethereum (ETH) in terms of address activity. The data provider reports:
Litecoin has just flipped #Ethereum in terms of address activity for just the third time this year. We’ve also discovered that #Litecoin‘s payment count, which quantifies the number of addresses receiving $LTC, has hit an #ATH.
As per on-chain data provider Santiment, the daily active addresses have touched 600K which is phenomenal for a UTXO cryptocurrency. Furthermore, unlike Ethereum, Litecoin doesn’t enjoy the strong backing of DeFi or NFT contributing to active addresses.
Litecoin Payment Count Hits All-Time High
Another important metrics highlighted by the on-chain data provider “payment count” has broken the 2017 bull run high. The data [provider noted:
This specific UTXO metric counts the number of addresses which are receiving Litecoins. And it’s very close to count of active addresses. Okay, LTC belongs to UTXO. May be it makes sense to compare it’s onchain activity to Bitcoin.
LTC Price Remains Flat
Despite the recent surge in the address activity, it hasn’t been much reflected in the LTC price. The Litecoin (LTC) price continues to trade flat at $173.78 with a market cap of $11.9 billion.
Last month in September 2021, LTC shot to its 2021 high of $223 on the strong rumors that retail giant Walmart was going to facilitate LTC payments. However, this price sustained for less than 24 hours in what appeared to be a case of classic pump and dump.
One of the Litecoin executives also rushed to tweet regarding it later pulling it down. The Litecoin creator Charlie Lee later assured that they will figure out how this fake news popped into the market. However, we have yet to hear further details of the investigation.