- Bullish Litecoin price prediction comes true as LTC crosses $242 resistance
- Litecoin rose by 5.3 percent to touch $249 high before retracing back
- Weekend may see the price cross, and close above $250 psychological resistance
Litecoin is following the broader crypto market, and painting new highs on the charts. The LTC/USD pair crossed $249 level, and aims to close above the psychological $250 resistance. After a mixed start to the day, the price action created a breakout beyond the Bollinger Bands. The resistance at $240 has been taken out via sharp volume rise.
At the time of writing, the pair is trading above the key resistance at $246. The bulls have proven true to bullish Litecoin price prediction as the pair shoots above $249 highs. However, some minor support, and resistance levels have been left untested in this sharp breakout.
The price channel is ascending sharply, and the pair is trading above the upper Bollinger Band. The Bollinger Bands itself have stretched, and now trade in a wide range of $214 to $245.
Litecoin price movement in the last 24 hours: Bulls script a much-needed sharp breakout
As the consolidation phase comes to an end with the current breakout, the bulls will be looking to maintain the current momentum. Therefore, the weekend ahead may see even higher price points on the charts. The larger timeframe uptrend on the daily charts is still visible.
On the downside, if the bears are able to reign in the price rise, the pair can see downfall to $224 pivot point. The firs major support lies at $230 where the bulls will defend the pair with large volumes. Also, the entry of large institutional investors cannot be ruled out lower support levels near $230, and then at $210.
According to Litecoin price prediction, the breakout beyond $250 will bring in $270 level into play. The market may support the rise from $250 to $270 resistance since there is hardly any pivot point that may stall the uptrend. The ascending price channel is now creating a symmetrical triangle pattern on the charts that is considered bullish.
Barring an extended crypto rally, the LTC/USD pair will see first major resistance at $250. The pair is already retracing back within the Bollinger Bands at the time of writing. The pullback, although minor, may see the pair slide towards $230 support region.
LTC/USD 4-hour chart: Breakout to take price towards $255 next
The hourly charts are all highly bullish as the overbought technical indicators are displaying an over-extended bull rally. The 4-hour chart is showing a breakout from the tightly knit Bollinger Bands. The price is hovering near $246, and now trading sideways to re-enter the Bollinger Bands. The ascending price channel is sloping upwards to show more momentum in the current rally as reflected in Litecoin price prediction.
The RSI is at 70 level, and deep into the over-bought territory. However, the thin liquidity of the weekend will ensure that the bulls rally continues unabated. The Litecoin price prediction further reveals that despite the over-bought technical indicators, the pair will continue to rise due to heavy volumes. The MACD is also far from a bearish cross over, and the pair is well settled in the bullish zone. The Stochastic RSI is showing dots below the green candles meaning there’s steam left in this bull run.
Early morning, the LTC/USD pair saw $234 which paved the way for $249 highs. However, the price rise has been swift, and left some support levels untested. Thus, there can be a minor pullback on the hourly charts but the reversal won’t be long-lasting. Litecoin price prediction also reflects an underlying support from LTC whales who are waiting to reload the buy orders at lower support levels.
Litecoin price prediction conclusion: LTC all set to touch $300
Before wrapping around the $250 level, expect the LTC/USD pair to consolidate higher as per Litecoin price prediction. The current rally has been able to maintain most of its gains on the hourly charts. The late evening gains are still visible on the charts meaning the pair will leave the minor support pivot points untested.
There is ample support from the broader crypto market to support the present price rise. The extended crypto rally will also see LTC/BTC rise to new heights. Bitcoin is already hovering near all-time highs, and the same positive sentiment will be reflected in LTC/BTC pair.
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