TL;DR Breakdown

• Litecoin price prediction shows the crypto asset recently surged by over 15 percent to register a new all-time milestone.
• According to Litecoin’s 24-hour price movement, the crypto asset appears solid for further bullish momentum.
• The crypto asset is likely to experience a brief price retracement before embarking on a new upsurge towards the $420 mark.
• Key technical indicators show Litecoin is currently enjoying heightened interest among crypto investors.

According to Litecoin’s 24-hour price movement, it appears the crypto asset is currently faltering on its path to greatness but it is yet to come to a standstill. Having bypassed its all-time high, crypto investors appear to be expressing heightened interest in the crypto asset.

Litecoin Price Prediction: General price overview

On looking at Litecoin’s weekly price chart, you will notice that the crypto coin has managed to cut through the supply barrier that ranged from $215 to $305. This supply barrier was set up in 2018 and has been acting as a resistance region for Litecoin. However, due to the recent upsurge in bullish momentum, this region has now changed to become a critical support level. Although Litecoin is currently experiencing a price retracement that is pushing it towards the upper boundary of the former supply barrier, a major bull run is expected. Once Litecoin is done with the retracement, key indicators project it could surge upwards towards a new all-time high at around $430.

If this happens, the market should be ready for a FOMO-sponsored rally similar to Ethereum’s during its bull run towards its May 4 milestone. If a similar Ethereum situation happens, Litecoin could experience another 55 percent surge that is going to push it towards the $660 price level. This will coincide with the 161 Fibo extension level that was obtained back in 2018 when the swing low and higher were linked using trend lines.

Litecoin price movement in the past 24 hours

Another factor supporting Litecoin’s bullish momentum over the past 24-hours is its substantial increase in the number of new addresses holding Litecoin tokens. According to Litecoin infographics, the network has witnessed a growth from 124,000 holders to about 160,000 over the past few weeks. This shows Litecoin is currently enjoying heightened investor confidence, a fact that is going to have a positive impact on its price.

Although Litecoin is currently undergoing a minor price dip, the number of whale transactions appears to be on the rise. Since May 2, Litecoin has seen an increase in whale transactions by more than 50 percent. This data shows us that several heavy investors are in the process of accumulating Litecoin tokens with the hope to cash on them in the future.

Litecoin 4-hour chart

Since the emergence of the crypto market, Bitcoin has been at the forefront of leading other cryptocurrencies during rally seasons. However, Litecoin is quickly emerging as one of the other few cryptos taking over from Bitcoin. According to its 4-hour chart, Litecoin appears to be signaling a short-term bearish season before embarking on a renewed bull leg. The MACD blue line is currently facing downwards under the signal line, while the RSI currently stands at 58.67. This validates the bearish projection of the crypto coin.

Conclusion

While Litecoin’s match towards the projected $420 mark appears inevitable, a possible surge in overhead and selling pressure might spell doom for the cryptocurrency. This is so because such a move is likely to destroy Litecoin’s weekly demand zone’s lower boundary at around $215, automatically canceling its bullish outlook. Such a move will quickly trigger a 15 to 20 percent price dip that is going to send the cryptocurrency spiraling downwards towards the $185 region.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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Source: https://www.cryptopolitan.com/litecoin-price-prediction-2021-05-06/