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Litecoin price prepares for 15% advance as LTC reaches an inflection point

  • Litecoin price has slipped into the $107.23 to $116.07 demand zone, suggesting a reversal.
  • A resurgence of buyers is likely to propel LTC by 17% to $132.60.
  • The bullish thesis will face invalidation if the altcoin produces a six-hour candlestick close below $107.23.

Litecoin price set a higher low as it dipped inside a demand zone, indicating that the bullish outlook is intact. Going forward, investors can expect LTC to climb higher as the crypto markets flip bullish.

Litecoin price awaits volatility

Litecoin price dropped 18% over the past four days, piercing the daily demand zone, ranging from $107.23 to $116.07. This move is bullish due to the nature of the support and because LTC set up a higher low relative to the February 3 swing low. 

Interested market participants can enter long positions from the current market level and expect Litecoin price to try to set an equal high or a higher high.

Hence, traders can expect LTC to continue heading higher. The immediate resistance barrier at $132.53 is a conservative target. However, if bid orders pile up, Litecoin price could extend to $143.04, bringing the total gain from 17% to 26%.

LTC/USDT 4-hour chart

LTC/USDT 4-hour chart

While things are looking up for Litecoin price, a break of the daily demand zone’s lower limit at $107.23 will create a lower low and invalidate the bullish thesis. This is also a good place for market participants to place their stop losses here.

An increase in sell-side pressure could drag Litecoin price to retest the $100.85 support level.

Author

Akash Girimath

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.

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