LTC Price Prediction: The road is long to recovery, but Litecoin will test $160.00 next week


  • Litecoin is moving higher for the fourth day in a row. 
  • The general sentiment in Bitcoin and on global financial markets is helping LTC with higher prices. 
  • LTC in a challenging zone, $160 potential target for next week 

The global recovery is helping several assets across the board and Litecoin is one of them. LTC is on a winning streak with four days of gains in a row, and it doesn’t seem to end soon.

Litecoin can jump 10% within the week to the upside 

Litecoin is on a winning streak. Today is the fourth day in a row that the cryptocurrency is printing green figures. And it does not look like it is coming to an end for now. With LTC now at $145.00, Litecoin could go to the $160.00 target, a 10% profit. 

Since the dip from LTC to $105.00, we have seen a recovery towards $145.00, where we are today. Between $138.00 and $157.00 (red zone), that area has many resistances to the upside. However, the first hurdles did not show any problems for buyers, so momentum within LTC itself is there.

Litecoin initially bounced off the yellow ascending trendline around $117.00 and will be trying to test the descending trendline at $160.00. 

With higher lows and higher highs, the buyers/bulls are very much in control of LTC. The trend seems to be clearing the red zone towards $157.00, and that is just a sigh away from the $160.00 psychological level.

Add to that the general sentiment in the markets just before the summer, with Nasdaq hitting new all-time highs and Bitcoin on a winning streak as well these past few days, LTC has the ideal environment for buyers to step in and push Litecoin further upwards.

 

LTC Daily Chart

LTC/USD Daily Chart

Litecoin has the potential to move higher towards $160.00 if it can keep this winning streak and clear out the red zone with a lot of resistance. Not only technical but also psychological and the general sentiment is favoring the upside in LTC.

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.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Bitcoin Weekly Forecast: BTC price surges despite threat of crash to $36k

Bitcoin price shows lackluster performance after the recent crash, giving rise to the credibility of the run-up to $50,000. As the September 24 daily candlestick bathes in red, the chances of an uptrend continue to diminish.

More Bitcoin news

XLM Price Prediction: Stellar traps bulls as it targets $0.195

Since Wednesday, the Stellar (XLM) price has been paring back losses, but price action has already started to fade on XLM. Bulls cannot push the price above $0.30, and XLM price has startedto form a bull trap.

More Stellar Lumens News

Polkadot Price Prediction: DOT will hit $40 by October

Polkadot (DOT) bears are scrambling to cash in on their profits as price action for DOT reverses quite rapidly, with bulls overtaking control and pushing price action back toward levels achieved before the correction began. 

More Polkadot News

PBoC imposes ban on crypto trading as it fosters ‘illegal financial activity’

China’s central bank cracks down on illegal financial activities from overseas cryptocurrency exchanges. The recent announcement marks the People’s Bank of China's (PBoC) strongest move against cryptocurrency mining and trading to date. 

More Cryptocurrencies News

BEST CRYPTO BROKERS/EXCHANGES



Bitcoin Weekly Forecast: Markets revert to mean, but BTC price remains indecisive

Bitcoin price shows considerable strength after springing from the recent crashes. Still, it is uncertain whether the current bullish impulse will morph into a new uptrend or lead to a more profound decline.

Read the weekly forecast

BTC

ETH

XRP