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Price Analysis

Litecoin Upside Firm, LTC Traders Set Sight on $400




Litecoin piggy rides on Bitcoin, but things are beginning to look up for Bitcoin’s silver.

For traders, it has been a roller-coaster ride for the past few days.

LTC crypto prices remain volatile to the upside, precisely what the coin’s market needs after a tepid performance and quite literally the lack of activity in the past few weeks.

Litecoin Market Performance and Price Status

At the time of writing, LTC prices are relatively steady, oscillating within tight ranges but bullish, primers for higher highs.

Lodged at 15th according to trackers, Litecoin is firm, looking solid and buttressed by favorable fundamentals. Fake news around the coin’s support by Walmart saw the coin surge by over 30 percent before quickly taking back those gains earlier this week.

However, the recovery has been nothing short but impressive, lighting the eyes of traders—what the market needs at the time of uncertainty.

Technically, there could be a reason to remain wary.

Litecoin Price Daily Chart for September 16

From a top-down approach, Litecoin prices are still trapped inside the September 7 bear engulfing bar—which is bearish from a volumes analysis angle. Despite the confidence boost of September 13, price gains are limited.

From a skeptic’s lens, LTC prices are inside a broad consolidation, along the middle BB encouragingly printing higher highs inside a bear bar with comparatively low participation levels.

Since LTC is bouncing from around the 50 percent Fibonacci retracement level of the July to September 2021 trade range, Litecoin bulls might find tailwinds.

However, dips below $160 may force Litecoin to $130 in the medium term. On the flip side, gains above September 2021 highs of $240 opens the door for $400.

Litecoin—Bitcoin Correlation

The recovery of Bitcoin towards $50k would likely spark demand for Litecoin, lifting the coin towards $270 in the medium term, according to an analyst on Trading View.

Litecoin to $270

Technically, the trader picks out a rounded bottom which often props buyers, aiding in price expansion.

In his view, as per the LTC/USDT technical analysis in the daily chart, the coin could print higher highs towards $270—a crucial reaction point.

Overall, the Litecoin trading community is bullish, expecting more price expansions in the days ahead.

This will go a long way in slowing down sellers of last week, yanking the coin upwards, and aligning it with surges of August 2021 highs.

Litecoin to reach $800 by the end of 2021

On Twitter, another trader predicts Litecoin’s price to reach $800 by the end of the year.

Based on the LTC/BTC daily chart, the analyst points out a possible undervaluation that skews it against bears.

Litecoin could outperform the digital gold in this favorable arrangement, lifting the coin towards $800—more than double its all-time highs—by the end of 2021.

Litecoin Rising in an Ascending Triangle, LTC Prices May Hit $10k

However, another trader expects even more gains beyond $400 to $10k as per an analysis of Litecoin price action in the weekly chart.

Litecoin to $10k

While LTC bulls are in the short-term subdued, they are still moving inside an ascending wedge. Notably, LTC prices are also reversing from the primary support trend line, steadying signaling demand, and interest from traders.

Once LTC bulls edge above $240, it would be easy for buyers to double down in lower time frames. This could pump the coin above $400-the double tops. Even so, as per the analyst’s view, LTC buyers won’t settle above $400. Instead, over the long-term, LTC might rally to $10k. It is the 1.618 Fibonacci extension of the asset’s current trade range (swing high and low).

Charts courtesy of Trading View

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