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Price Analysis

Litecoin Solidifies above $130, LTC Bulls Shake Off Bear Calls as they Target $400




Litecoin shoulders a lot of crypto expectations.

It may be the association with Bitcoin–the Bitcoin’s silver tag that gave the project tailwinds.

Litecoin continues to be one of the most liquid crypto assets, with a slot in the top-20.

Nonetheless, the wider trading community expects more from the project and the foundation.

Litecoin Market Performance and Price Status

There were glimpses of hope mid this month when Litecoin surged over 30 percent, outperforming the greenback and BTC—quite literally all crypto assets, only to tank in subsequent sessions.

As it turned out, the pump was due to fake news published by the reputable Global Newswire stating Walmart’s adoption of the cryptocurrency.

This was quickly rejected by executives representing both sides of the divide—and it hasn’t been easy for Litecoin since then.

At the time of writing, the coin is stable on the last trading day but under pressure week-to-date.

Litecoin Price Daily Chart for September 29

If anything, the state of the crypto market calls into question the validity of the uptrend and whether bulls would shake off determined sellers, reading from price action in the daily chart.

Capped within a bear breakout pattern with decent trading volumes, Litecoin prices are ranging in smaller time frames.

The immediate resistance is at $160, while the 78.6 percent Fibonacci retracement level of the July to September 2021 trade range is the support line—flashing with $130.

Accordingly, in the short term, how LTC prices react at $30 would define price action in the medium term.

A crash below $130 accelerates the sell-off towards $100—and worse. Conversely, a surge above $160 serves to trigger demand, solidifying buyers targeting $240.

Litecoin’s Time to Shine versus Bitcoin Near?

Despite the series of lower lows, the trading community is optimistic, especially about the coin’s prospects versus Bitcoin.

Over the years, LTC has been trend lower versus Bitcoin.

Reading from the price action of the LTC/BTC chart, the coin is now at the apex of the mega wedge, which has confined LTC within a bearish zone against BTC for years.

One trader expects that LTC would close above BTC, breaking through the primary resistance trend line in the weeks ahead.

LTC Within a Rising Buy Channel

Another trader thinks Litecoin is bullish from the weekly chart and could post more gains versus the greenback in weeks ahead.

At present, despite the lower lows, LTC/USD is within a rising channel.

Per his prediction, the coin could surge to $2.4k in the long term, shaking off sellers to track BTC and encouragingly gain against the digital gold.

Litecoin ready for All-Time Highs of $425

As per the development in the weekly chart, one trader observes that Litecoin is moving inside a rising wedge.

Accordingly, from this candlestick arrangement, there is a high chance of the coin breaking above liquidation lines.

In that eventuality, LTC would explode above $240—recent highs—to reclaim $425– all-time highs–in the long haul.

Litecoin to $425

Specifically, the analyst points at the increasing adoption of LTC as drivers that would strengthen the uptrend, subsequently overcoming the double-tops.

Charts courtesy of Trading View

Disclosure: Opinion is that of the author. Do your own research.

Passionate about Blockchain, Crypto, Blockchain, and Bitcoin. Excited of what lies ahead. Advocating adoption. HODLer!