Litecoin Price Prediction: LTC eyes 20% rally as it bounces off crucial support level


Share:
  • Litecoin price is showing a bullish reaction as it tags the $124.62 support level.
  • A further build-up of buying pressure is likely to propel LTC by 20% to $149.22.
  • If the bears lead to a breakdown of the support floor at $118, the bullish thesis will face invalidation.

Litecoin price is currently indicating a reversal in price after a two-week consolidation phase. LTC is likely to retest the upper limit of this range in an attempt to shatter it.

Litecoin price ricochets off pivotal barrier

LTC price sliced through the $130.59 support level on July 14 but bounced off the immediate barrier at $124.62. This sudden surge in buying pressure leading to a minor upswing could be similar to the 20% impulsive move seen between June 27 and June 29.

Assuming this scenario plays out, investors can expect Litecoin price to rally 20% to tag $149.23. While this stubborn barrier has been prevented during three previous attempts, a decisive 6-hour candlestick close above it will signal strength among buyers.

Such a development might attract sidelined investors, extending the 20% leg-up by another 10% if LTC bulls manage to slice through $156.08 and $160.85.

LTC/USDT 6-hour chart

LTC/USDT 6-hour chart

While it is optimistic to assume a bounce to push Litecoin price higher, investors should not disregard the possibility of a sudden downtrend. A potential spike in bearish momentum that pushes LTC below $124.62 will indicate a weakness among bidders.

If the sellers push Litecoin price below $118.60, not allowing the buyers to recuperate, it will invalidate the bullish thesis and, in some bearish cases, trigger an 11% sell-off to the range low at $104.78.


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Join Telegram

Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended content


Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended Content

Editors’ Picks

Arbitrum’s ARB price rallies after Chainlink CCIP mainnet launch

Arbitrum’s ARB price rallies after Chainlink CCIP mainnet launch

The protocol’s arrival on Arbitrum is key to the further development and growth in the ARB ecosystem as it is expected to improve the user experience and attract developers.

More Arbitrum News

BTC downside likely after 20-week EMA culls bulls

BTC downside likely after 20-week EMA culls bulls

Bitcoin (BTC) bearish price fractal, as discussed in a previous article, is underway, but the lack of volatility is causing ambiguity and doubt. Regardless, BTC might see a bit of an upside before the long-term bearish scenario plays out.

More Bitcoin News

FTX fights to clawback $157 million from former employees while creditors struggle with $7.9 billion in claims

FTX fights to clawback $157 million from former employees while creditors struggle with $7.9 billion in claims

FTX exchange has sued former employees of Salameda, a Hong Kong based entity affiliated with the trading platform. The court filing shows that the bankrupt exchange seeks to recover $157.3 million from Salameda employees. 

More Cryptocurrencies News

First Ethereum futures ETF expecting approval by October 2

First Ethereum futures ETF expecting approval by October 2

The first Ethereum futures ETF (exchange-traded fund) is likely to be approved on October 2, according to crypto hedge funder Hal Press. The North Rock Digital founder’s thesis is based on the recent events in the crypto ecosystem.

More Ethereum News

Bitcoin: BTC downside likely after 20-week EMA culls bulls

Bitcoin: BTC downside likely after 20-week EMA culls bulls

Bitcoin (BTC) bearish price fractal, as discussed in a previous article, is underway, but the lack of volatility is causing ambiguity and doubt. Regardless, BTC might see a bit of an upside before the long-term bearish scenario plays out.

Read full analysis

BTC

ETH

XRP