Litecoin price bounced off within the bullish pennant, a breakout from the triangle may lead the price to rally high
Many expect the price to smash the yearly high at $245 first, further continue with rally to form new ATH
Second Wave of Litecoin surge Incoming!
Litecoin price maintained a decent price rally, reducing steep pumps and dumps like many other crypto assets. Maintaining the lower support levels of the channel intact, the price flew hard from the recent lows around $190.
However, the bulls crack the pivotal zone in the early hours of trade to break the neckline at around $214. However, the price is expected to surge in a similar trend showcased by BNB in recent times. And with the similar momentum, the LTC price may soon hit $400 initially according to analysts, KALEO.
The analysts have predicted a much higher rally for the asset, which may even hit $690. But currently, many analysts and crypto experts have predicted the price to rally close to $300 in the coming couple of days.
LTC Price Analysis, How Will Price Hit $600?
Litecoin price trended within a parallel channel from past a fortnight, until a drastic dump pulled down the price. Nevertheless, the price gained a strong bullish momentum and spike within no time, hence forming a ‘W-Shaped Pattern’.
The price broke the neckline of the pattern and surged high in the early trading hours, manifesting a strong desire to smash its previous ATH. in the short-term the price is expected to surpass the yearly highs at $245 in order to keep surging towards the levels around $280 to $300.
Considering the indicators, the RSI surged to the top most level close to 90 and kept trending for a while. However, a slight pullback in the levels could not hinder the uptrend as the levels again rose above. The MACD also manifests a buy signal as signal line is on the verge to surpass the MACD line.
At the time of writing, the LTC price is $237.13 with a massive jump of 15.33% in the last 24 hours. The trading volume rose more than 114% to register $6,746,222,664 and the market cap surged nearly 15.38% to hit $15,837,340,531.
- The resistance level of the Litecoin price is at yearly highs at $245
- The support levels is at $190
- The indicators for LTC price point out towards a strong buy