Litecoin Price Prediction: LTC On Course To Touch $200
Daily Litecoin LTC Technical Analysis
- Litecoin Price under bullish control for three straight days.
- The RSI is on the verge of entering the overbought zone.
Since January 28, the Litecoin price jumped from $120 to $190, gaining around $70 in its overall valuation. During this jump, the bulls managed to flip the 20-day and 50-day SMAs from resistance to support.
Bulls In Control Of Litecoin Price For Three Straight Days
Over the last three days, the Litecoin price has jumped from $150 to $190. This sudden bullish movement has caused the relative strength index (RSI) to push into the overbought zone. Meanwhile, the parabolic SAR has flipped from bearish to bullish, making the overall market sentiment positive.
Image: LTC/USD daily
The IOMAP tells us that the resistance levels upfront aren’t that strong. The Litecoin price should be able to cross the $200 psychological level with ease.
The 4-hour Litecoin price chart tells us that LTC has overcome the TD sequential indicator's green-nine candlestick. Plus, the MACD shows increasing bullish momentum. Both of these are very positive signs for the buyers.
Image: LTC/USD 4-hour
Charlie Lee: Tesla's Bitcoin Buy a ‘Turning Point’
Charlie Lee, the creator of Litecoin, said that Tesla’s recent revelation about Bitcoin purchase will pave the way for many more big announcements. In its annual filing with the US Securities and Exchange Commission, Tesla said that it would also accept it as payment for its products soon. The popular electric vehicle company also noted that it may not convert that BTC back into fiat at the point of sale.
According to a Decrypt report, Lee said:
I think that’s huge. When merchants start accepting Bitcoin without selling it, we will start to break out of the fiat system. And have a circular economy where merchants accept crypto, pay salaries with crypto, and spend crypto for B2B.
Many companies have accepted Bitcoin as a payment method. Furniture seller Overstock.com became the first major online retailer to do so back in 2014. However, they generally liquidate the cryptocurrency and convert it to cash. Commenting on Elon Musk-led Tesla’s Bitcoin interest and investment, Lee said:
It's a turning point to have the world's wealthiest man believe in Bitcoin and put 7% of Tesla's treasury into BTC. Tons of companies will now follow suit as they will have more confidence after seeing Elon Musk and Tesla doing it.
Charlie Lee launched Litecoin in October 2011 when the price of Bitcoin was about $5. Litecoin, with a market cap above $11 billion, is one of just four digital assets available for purchase on PayPal. The integration of crypto purchases onto PayPal has helped in driving individual and corporate interest in Bitcoin.
Litecoin Price Is Expected To Reach These Levels
With all the technical shows showing positive signs, we can easily expect Litecoin price to break past the $200 psychological level with ease.