Litecoin Price Prediction: LTC Price Entering Range-Bound Rally

LTC price kicks start a new recovery with eyes beyond $141 resistance, should buy LTC in this accumulation zone?
By Brian Bollinger
Updated April 16, 2022
litecoin

The Litecoin(LTC) price displays V-top rejection following the $124 resistance fake out on April 5th. The downfall registered a 15.5% loss and sank the coin price back to $100 bottom support. The sustained buying would allow buyers to push altcoin above the $141 resistance. zone 

Advertisement
Advertisement

Key points

  • LTC chart provides a strong accumulation zone at $100
  • The 50-and-200 DMA is nearing a bullish breakout.
  • The intraday trading volume in the Litecoin coin is $809.3 Million, indicating a 12% hike.

LTC/USDT ChartSource-  Tradingview

The failed attempts from LTC buyers to sustain above the $103 resistance resulted in a resistance fakeout. This bear trap forced liquidated aggressive buyers who bought the $103 breakout. The sellers continued to pressurize the coin price and dumped it to the $100 support zone. Since last quarter the LTC price has bounced back from this support, suggesting a downtrend bottom.

On April 13th, the altcoin rebounded from the bottom support level($100), initiating a new bull cycle. The recovery rally has surged 10%, charging straight to immediate resistance at $120. Therefore, buyers offer a bullish breakout and sustainability above the overhead resistance; the coin price will rise 16% to hit $141.

Alternatively, if the sellers pull the LTC price back to $100 support, the crypto traders can reaccumulate the coin with a stop loss at $89.6.

Advertisement
Advertisement

Technical indicator

Bollinger band- the indicator’s lower band bolstered a bullish reversal from the $100 mark. However, the indicator moving sideways accentuates a short-term rise.

DMA- The declining SMAs (20, 50, 100, and 200) indicate a bearish trend for the LTC/USDT pair. However, a possible crossover between the 50 and 100 SMA could encourage additional buyers from traders.

  • Resistance level- $121 and $140
  • Support levels- $100, and $90
Advertisement
Brian Bollinger
From the past 5 years I am working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. Reach out to me at brian (at) coingape.com
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.