Litecoin Price Analysis: LTC Aims To Reach $185
Daily Litecoin LTC Price Forecast
- Litecoin is fulfilling its flag and pole pattern.
- The Bollinger Band in the 4-hour chart has stopped constricting.
Over the last two days, Litecoin bulls have remained in full control as the price aims to break into the $185 zone. LTC/USD has managed to chart three straight flag and pole patterns in its daily chart.
Litecoin’s Price Action
As per the flag and pole, the next price target for the digital silver lies at $185, and it looks like they have already started their upward climb. The MACD shows increasing bullish market momentum, which adds further credence to our positive outlook.
Image: LTC/USD daily chart
The 4-hour chart shows us that the Bollinger Band has stopped constricting. This indicates that the price has stopped consolidating, and LTC has started its next bullish jump. However, this may just be a false signal. Do note that the relative strength index (RSI) is on the verge of entering the overbought zone.
Image: LTC/USD 4-hour chart
However, even if this is just a false start and even if the bears may come back to correct the price, the downside is heavily guarded by the $155 support zone. Previously at this level, 63,500 addresses had purchased 3.4 million LTC.
The $155-level looks robust enough to absorb a tremendous amount of selling pressure.
As per IntoTheBlock, the number of new addresses entering the Litecoin network has jumped from 56,000 to 76,000 over the last 4 days. This is a highly positive sign since this shows that the network is getting bigger and healthier.
Key Price Levels To Watch For LTC
As IntoTheBlock shows, there is a lack of substantial resistance barriers on the upside. So, the buyers should be able to reach $185 with ease. On the other hand, the downside is guarded by the $155 support line to stem any downflow.