Price Analysis

Litecoin’s Glory Coming Back, Will LTC Price Range Beyond $200 in Next Week?

Written by: Sahana Vibhute

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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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Jan 15, 2022

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Highlights

    Litecoins is been adopted heavily by more than 3000 merchants across the globe with nearly 50 retailers added up in just a month

    While the Litecoin is expanding its user base, the impact on the LTC price remains pretty misty at the moment

Most of the altcoins within the crypto space made huge moves without making much noise and Litecoin is one among them. No doubt the asset was swinging within a notable downtrend and slid down below the crucial support levels.

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But with the recent adoption the asset tends to flip the bearish divergence but whether the asset will undergo a notable uptrend that could ignite a bull rally is little uncertain at the current moment. 

The LTC price finally made a notable move by refusing to plunge down deeper and with a notable flip, the asset aims to hit $150 in the next couple of hours.

When Will Litecoin (LTC) Price Bounce Back?

As the asset followed a strong descending channel ever since it smashed its highs above $410, currently a similar momentum is expected within an ascending channel. 

The asset dropped below the crucial support levels at $135.1 and bottomed hard to hit the lower levels around $120. Yet the bulls quickly jumped in and uplifted the price above the support levels but failed to drag the price beyond $150 levels.

The asset is currently moving along the rising channel but the RSI is showcasing a bearish divergence in the short term testing the average levels at 64. And therefore a minor retracement may be fast approaching which is expected to be a short-lived one.

However, in the higher time frame, the asset appears to be pretty bullish as the buying pressure still mounts over the platform. And hence smashing $150 levels may not be a tedious job for the asset.

However, the immediate resistance resides at $156.8 and later major levels to test would be along the 200-day MA levels at $170.7. Surpassing these levels would validate a notable uptrend and sustaining above these levels may ignite a bull run beyon $200 may be in the next fortnight.

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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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