Price Analysis

Litecoin Bull Rally To Pick Up The Pace Soon, LTC Price Intends To Hit $1000 Soon

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Highlights

    Litecoin price appears to be gearing up for the upcoming bullish momentum in order to mark new highs in coming days

    The upcoming trend could be more intense than before and eventually hit a four-digit figure very soon

Litecoin is among the primitive assets which laid its foundation somewhere in between Bitcoin and Ethereum. Yet it failed to undergo a gigantic rally and remained distinct from its ATH for a long time. Yet after a long wait, the LTC price rose high to hit the ATH just before the May crash. And since then the asset on average is trending between $170 and $200. 

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Since the crash, Litecoin is facing a depleted influx of volume that kept the asset trading within a narrow range. However, altseason on the horizon, LTC price is all set to explode to new highs, following its competitors. The asset is expected to reach a 4-digit figure to hit close to $1500 as predicted by an analyst. The analyst TradingShot analyses the price rally since its inception and hints LTC price may hit $1500 by mid-2022. 

Also Read: A ‘V-Shape’ Recovery Could Only Save Shiba Inu Price From A Bearish Trap!

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The analysts list some common characteristics of LTC’s historic price action and expect these to repeat in time. 

  • The bear cycle ends after the price breaks above the lower highs trend-line and turns the 1-week MA100 into a support
  • Further, a multi week parabolic rally starts that takes the price to a test of the previous ATH
  • Later a new consolidation phase follows which is always above the 1-week MA100 and it leads to the final rally to new ATH

The RSI movement also showcases a pretty similar trend in each of Litecoin cycles which spikes after a notable consolidation. Currently, it seems that the trading on this consolidation phase but on higher lows could end very soon. And a final Litecoin price rally may initiate very soon that may uplift the LTC price. The price may reach FIB levels in between 1.382 & 1.5 or $1125 & $1570. 

Collectively, Litecoin is gearing up itself to break through the consolidation in the coming days that could elevate the target above $700 in short term. However, as the volume gets back on track with increased user attention, then the target above $1000 could be pretty possible in the current bull rally. 

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Disclaimer : The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

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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