Summary of the situation
- LTC price forecasts show that the crypto asset is poised for a significant rise, after surpassing its temporary swing high of $240.
- It is likely that there will be a 30% jump in price when Litecoin passes its 3-day demand zone.
- A 30% jump could push Litecoin to the $280 region.
- Technical indicators show that Litecoin is currently in an uptrend, suggesting that it is a good time to buy.
During the recent crash of the cryptocurrency market, Litecoin, like many other cryptocurrencies, was hit hard. However, it seems that the crypto asset is on the mend, with signs pointing to a significant comeback.
LTC rate forecast: Price Overview
During yesterday’s trading activity, Litecoin posted a decisive close in the $247 area, following a record high of $248 and a low of $234. This came at a time when Litecoin has seen multiple price declines over several consecutive sessions. But during Monday’s trading session, crypto assets reversed that downtrend and started a bullish trend. During Monday’s trading session, as the crypto-currency market heated up, Litecoin managed to rebound near the $250 mark.
During Monday’s trading session, Litecoin seemed to follow Bitcoin’s colossal rise. The sudden rise was supported by JP Morgan’s announcement to open a bitcoin fund for its global clients later this year. Moreover, bitcoin received support from unlikely quarters when NFL player Sean Culkin announced that he would transfer his entire annual salary to bitcoin.
The CEO of PayPal recently said he was considering adding bitcoin and other crypto assets to his payment wallet after fiat currencies began to lose their value. PayPal is present in over 200 countries and processes transactions in over 100 currencies.
LTC price movement in the last 24 hours
Litecoin’s daily chart shows that the crypto asset has managed to surpass its recent high of $243. This price action paints a bullish picture because it coincides with the three-day demand zone. This area of need is between $210 and $244. This information is being shared with potential traders as Litecoin is heading for a 12% price increase towards the $285 price range. This price coincides with the 50% Fibonacci retracement level. If Litecoin manages to end the day above this resistance level, it will trigger a massive buying wave that will push the price up another 15% to $330.
Litecoin’s Momentum Reversal indicator recently marked a red candle on its chart, indicating that a possible correction is near. Traders should prepare for a return of Litecoin to the $285 support zone after a correction of one to four candles is predicted. Still, traders should expect a brief pullback in price in the context of the currency’s bullish momentum.
LTC graphic 4 hours
The litcoin’s four-hour chart coincides with the bullish narrative. Litecoin holders with 10,000 to 100,000 units seem to have an increasing distribution pattern. There used to be about 420 whales, now there are more than 435. This is an increase of about 3%, indicating that large investors are optimistic about the current uptrend in Litecoin.
Another key technical indicator supporting positive outlook for cryptocurrencies is the 30-day Market Value to Realized Value (MVRV) ratio based on sentiment. This technical indicator is used to calculate the average profit or loss of owners who have bought a crypto asset in the last 30 days. For now, this model shows that Litecoin is still highly undervalued.
While Litecoin is currently benefiting from a bullish narrative from several technical indicators, the crypto needs to settle above $218 to make any upward movement. Otherwise, Litecoin will fall to the lower trend line of the $10 or $205 demand zone.
Denial. The information provided does not constitute commercial advice. .com is not responsible for investments made on the basis of information provided on this site. We strongly recommend that you conduct independent research and/or consult a qualified expert before making any investment decision.
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