Litecoin Price Forecast: LTC contemplates 17% ascent after reclaiming crucial barrier
- Litecoin price rose roughly 15% over the past two days, slicing through the $160.86 resistance level.
- A successful retest of this barrier coupled with the resurgence of the buyers could confirm a flip of this barrier into a support floor.
- Such a development is likely to trigger a 17% ascent, pushing LTC to $189.
Litecoin price experienced the second flash crash, which bottomed on September 21. While the descent was steep, the recovery seems to be coming along well. The recent upswing has pushed past a key resistance level, but LTC needs to hold above it to confirm buyers’ presence.
Litecoin price needs to cement its position
Litecoin price climbed 15% after forming a potential bottom at $145.40. This ascent pushed LTC past the resistance level at $160.86. While this upswing is impressive, the buyers need to hold above this barrier to confirm a successful flip.
Doing so will indicate that the bullish momentum is strong and trigger a second leg-up, pushing Litecoin price up to the immediate supply barrier at $178.39.
LTC witnessed consolidation around this level after the first flash crash occurred on September 7. Therefore, it will be difficult for the buyers to push LTC past this level.
However, investors can expect Litecoin price to at least wick to the next barrier at $189, constituting a 17% ascent.
LTC/USDT 1-day chart
While a retest of $160.86 is crucial for the bullish outlook to persist, sometimes the sellers might temporarily knock LTC down below it.
Although this might be bearish, a quick recovery will undo the pessimism and put LTC back on track.
On the other hand, if Litecoin price fails to recover and tumbles down to the $145.40 support floor, it will indicate the presence of weak buying pressure. A breakdown below this demand barrier will invalidate the bullish thesis.
Author
Akash Girimath
FXStreet
Akash Girimath is a Mechanical Engineer interested in the chaos of the financial markets. Trying to make sense of this convoluted yet fascinating space, he switched his engineering job to become a crypto reporter and analyst.
