The Litecoin price has increased by 15.45% in the last 24 hours and is currently trading at $118.05. This follows a 16.63% increase in the price of the digital silver cryptocurrency during the same time.
In light of this strong performance over the past few days, many crypto analysts feel bullish about Litecoin (LTC). Some predict it could reach a price of $200; others believe it may soon begin a parabolic price increase similar to what XRP has experienced.
Crypto Analysts Weigh In: Is $200 the New Target for LTC?
Crypto analyst Scient has a positive outlook on the price of Litecoin ($LTC). They suggest that Litecoin may soon see a surge similar to the recent rally of Ripple (XRP), which has increased by 428.11% over the past year and by 29.67% in just the last week, reaching over $3.05 today.
Scient recommends the price range from the current level to $85 as a good area for investors to buy, seeing it as a favorable entry point. A chart they provided shows that after a strong rally, Litecoin has pulled back but is still above its 200-day moving average. This average is a common indicator of a long-term upward trend, suggesting that the Litecoin price could rise again after this pullback.
Solberg Invest, a crypto entrepreneur and writer, also presents a chart that shows a positive outlook for the LTC price, backed by technical analysis.
The analysis states that Litecoin has finished a “retest” phase after breaking out from a long-term downward trendline. This signal, along with a triple-bottom pattern seen on the chart, indicates that Litecoin might be ready to increase by $200.
Using weekly data from TradingView, the chart illustrates how Litecoin has held at important support levels before breaking through a resistance trendline and then retesting it as support.
Litecoin Price Prediction
The Litecoin (LTC) weekly chart also confirms this analysis, showing signs of bullish momentum in the short to medium-term. LTC is currently changing hands around $118 and has moved above the 50-day and 100-day moving averages (MA), which are at $82.25 and $80.56, respectively.
These moving averages now provide solid support. The price is also close to the upper Bollinger Band at $134.98, indicating high volatility and strong upward pressure. The breakout above the minor resistance level of $108.32 suggests further gains might be possible, with $134.98 as a target.
However, because the price is near the upper Bollinger Band, Litecoin (LTC) may face short-term resistance as it could become overbought. Traders should look for a potential pullback to the Bollinger Average at $88.88 or back to the $108.32 level before making another upward move.
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