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Price Analysis

Litecoin Price Gets Rejected close to $200!! What’s Next?

Highlights

    Litecoin price rallied high, traded close to $200 before a slight pullback to the current levels

    The rejection is required to overcome by a massive green candle, else the retest to the previous levels below $180 expected

Litecoin Price May Hit $600 Soon

With the Grayscale purchasing an immense amount of LTC, the Litecoin price spiked massively since the early trading hours. The huge influx of trading volume initiated an uptrend that led the price close to $200, yet followed by a slight pullback.

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Litecoin is among the crypto assets that trend sideways and sometimes shedding off the profits also for quite a long time. And further, get a magic boost to rally 3x in just a weeks time. However, despite having a huge potential, LTC is still awaiting such a boost that could rally towards new ATH.

Most of the crypto assets in the space have rallied like a monster and smashed new ATH amid the current bull run. Nevertheless, Litecoin is still lagging behind and according to analysts DaytradeJeffrey, the LTC ATH is overdue. Moreover, the analysts have set a target at $600 for the LTC price.

LTC Price Analysis

The litecoin price initiated a bullish trend post a bearish monthly close. The price rose notably including slight pullbacks. However, the price surged magnificently since the ear;y trading hours gaining nearly 15% from the previous day’s loss.

The price, however, broke the bullish trend line and surged hitting close to $200, yet experienced a slight pullback that dropped the price below $195. Interestingly, the price is yet again gaining momentum to break the trend line yet again.

ltc coin jump

At the time of writing, the Litecoin price is $195.86 with a significant surge of nearly 7.50% in the past 24 hours. Currently, it is important for the price to close the trade for the day above $195 levels to keep surging high.

Technical Specifications:

  • The resistance levels stand in between $204 to $209 levels
  • The support levels are formed around $171 
  • The technical indicators for litecoin price point out towards a ‘buy’ signal

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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