Litecoin price prediction upgraded, but after breaking through $110, the coin is expected to move towards the $120 resistance level. Litecoin (LTC) has performed well, distinguishing itself from many other major assets. LTC price has shown a V-shaped recovery on the daily chart, suggesting a breakout of the long-term triangle trend. This indicates a bullish trend, which contrasts with the cautious attitude of the overall market. Notably, Litecoin's positive momentum stands out, and it has successfully overcome the recent market correction by rebounding from the $77 support level at the end of March.
Litecoin price statistics:
Litecoin current price – $105
Litecoin Market Cap – $7.8 billion
Litecoin Circulating Supply – 74.3 Million
Litecoin Total Supply – 84 Million
Litecoin Coinmarketcap Ranking – 20th
LTC/USD Market
Key Levels:
Resistance Levels: $120, $125, $130
Support Levels: $80, $75, $70
LTCUSD – Daily Chart
LTC/USD is currently trading near the $105 resistance level and hit a daily high of $106.47 in today's European session. However, hitting the daily high could pave the way for a breakout above $110 and reach the $115 resistance level. Therefore, if the 9-day moving average crosses above the 21-day moving average, the market could show that bullish forces are strengthening.
Litecoin Price Prediction: What to Expect for Litecoin (LTC)
Litecoin price is currently holding above the 9-day and 21-day moving averages having experienced a significant rebound from the $92.89 low. This suggests that buyers may continue to have the upper hand in the price action and can easily push the coin towards the potential resistance levels of $120, $125, and $130. In other words, if the buying fails to break out of the upper boundary of the channel, the coin might opt for consolidation. However, any move above the upper boundary of the channel could have an impact on the price. Moreover, it is time for buyers to increase their confidence in the recovery as $110 is still achievable. Meanwhile, if the bears pull the coin price below the moving averages, the $80, $75, and $70 support levels are likely to be reached.
LTC/BTC Rushes North
Litecoin price remains above the 9-day and 21-day moving averages relative to Bitcoin, with the 9-day moving average about to cross above the 21-day moving average. Meanwhile, if the market price eventually holds and closes above the moving averages, traders may look forward to a long-term bullish move.
LTCBTC – Daily Chart
On the other hand, any bearish move towards the lower border of the channel might be met with a drop to the major support at 1200 SAT before potentially falling below 1100 SAT, while buying might be needed to push the market towards potential resistance at 1700 SAT and above.
However, @Sean0c3 shared his analysis with his followers on X (formerly Twitter), saying that $LTC could be on track to end the month on a strong note and potentially break out of a nearly three-year downtrend. He believes that # Litecoin should not be ignored.
It looks like $LTC will close the month on a strong note and break out from a roughly three-year downtrend - # Litecoin should not be ignored in my opinion.
pic.twitter.com/DH8wkAXm8I
– Seán (@Sean0c3)
March 31, 2024
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The current trend in Litecoin price reflects bullish momentum and if the uptrend continues, it has the potential to target the nearest resistance level of $110. Despite its presence in the cryptocurrency space with a market cap of $7.8 billion and ranking 20th, Litecoin continues to show resilience. However, Bitcoin mining companies offer investors a new avenue for innovation and growth. With a pre-sale of over $12.8 million and the support of technological advancement and community support, Bitcoin mining companies become an attractive investment opportunity.
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