Litecoin Price Prediction: Why LTC Could Hit $100 and Outperform Bitcoin

Aayush Jindal

1 year ago

2 mins read

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Created by industry experts and meticulously reviewed

The highest standards in reporting and publishing

How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Litecoin price started a steady increase above the $65 resistance against the US Dollar. LTC is currently rising and might rally further towards the $100 level.

Litecoin started a strong increase above the $55 and $65 levels against the US Dollar.
The price is now trading above $65 and the 100 simple moving average (4-hours).
There is a key bearish trend line forming with resistance near $77.50 on the 4-hours chart of the LTC/USD pair (data feed from Kraken).
The price must clear the $77.50 and $84 to rise towards the $100 resistance zone.

Litecoin Price Outperforms Bitcoin

In the past few days, litecoin price saw a decent increase above the $50 level against the US Dollar. LTC price rallied over 20% and outperformed both bitcoin and ethereum.

There was a move above the $65 and $75 resistance levels. The price even surpassed $80 and settled above the 100 simple moving average (4-hours). It traded as high as $83.35 before there was a downside correction. There was a move below the $80 and $75 support levels.

The price declined below the 23.6% Fib retracement level of the upward move from the $59.17 swing low to $83.35 high. However, litecoin price is now trading above $65 and the 100 simple moving average (4-hours).

It stayed above the 50% Fib retracement level of the upward move from the $59.17 swing low to $83.35 high. On the upside, an immediate resistance is near the $77.50 level.

Source: LTCUSD on TradingView.com

There is also a key bearish trend line forming with resistance near $77.50 on the 4-hours chart of the LTC/USD pair. If there is a clear break above the $77.50 resistance, the price could start a strong increase. In the stated case, the price is likely to continue higher towards the $85 and $90 levels. Any more gains might send ltc price towards the $100 resistance zone.

Dips Limited in LTC?

If Litecoin price fails to clear the $77.50 resistance level, there could be another pullback. An initial support on the downside is near the $71.20 level.

The first major support is forming near the $68 level. Any further losses may perhaps send the price towards the $55 support in the coming sessions.

Technical indicators:

4-hours MACD – The MACD is slowly moving into the bullish zone.

4-hours RSI (Relative Strength Index) – The RSI for LTC/USD is currently above the 50 level.

Major Support Levels – $71.20 followed by $68.00.

Major Resistance Levels – $77.50 and $85.00.

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.