Key Insights
- Litecoin looks more potent than other cryptocurrencies.
- Experts believe a massive surge of 168% post-breakout.
- LTC price has been hovering in a parallel channel since December.
Recent data showed that Litecoin (LTC) price experienced notable volume increases. This resulted in robust price fluctuations that drew in many traders and investors.
At the moment, technical indicators are pointing toward rising value. This made analysts wonder if Litecoin will reach $350.
Litecoin price consistently rose between October and November. The token was trapped in a parallel channel following this bull run.
Moving ahead, this indicated a significant correction phase. Buyers recovered and surpassed the 20-day EMA after the price recently fell below it.
Analysts Suggest Massive Bull Run in LTC Price
According to recent market activity data, LTC price has broken out. This could result in a clear direction for price movement.
Per analyst Javon Marks, the cryptocurrency will increase by 168% from its current value of $354.36. The token forecast incorporates past market trends and several technical indicators.
Breakouts that indicate upward price sustainability are frequently used to signal market sentiment directions. There is a chance for an uptick when Litecoin price breaks through its previous resistance in the upcoming months.
Litecoin Price in a Correction Phase: Could LTC Price Surge Soon?
LTC price was trading at $119.34 at press time, which has plummeted by 8.39% in the past 24 hours. The market capitalization was $9.05 Billion, and the 24-hour trading volume was $2.01 Billion.
The technical chart indicated that the price had circled the $140 major resistance zone. Litecoin price has successfully defended its prior lows, indicating strength. This strength could surge ahead and come before a breakout.
LTC has recently received selling pressure in the resistance zone of $140. Moving ahead, the token has dropped below the 20-day EMA.
If the price sustains below the 20-day EMA, sellers may dominate ahead. The price is expected to drop to the support level of $95. If the price dives below the $95 level, buyers might panic.
Traders and investors may prefer to book profits, leading to strong selling pressure. Alternatively, buyers may show interest if Litecoin price bounces back and triggers a breakout from the $140 level.
Once the price crosses $140, a positive rise is expected. A breakout from this correction period may attract investors, resulting in a big bull run.
LTC Price Prediction Amid Correction Phase
The current market dynamics suggested that LTC price was positioned for a surge. That could be seen particularly if it can break through the key resistance level around $140.
Analysts are optimistic, projecting a possible increase of up to 168% if upward momentum continues. However, prudence is necessary given the current selling pressure, especially if the price doesn’t exceed the 20-day EMA.
A bullish rally may unfold if LTC can overcome these hurdles and sustain upward momentum. This could attract further investments and potentially send the price toward $350.
Conversely, selling pressure and a more extended correction phase could increase if the price falls below critical support levels. Therefore, traders should closely monitor market developments and price movements in the coming weeks.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
