Litecoin Price Prediction: LTC Remains Above $260, Pushes Towards $265
Daily Litecoin LTC Technical Analysis
- The Litecoin price registered a marginal drop on Wednesday but managed to stay above $260.
- LTC has been quite bullish during the current week, with the price rising significantly on Monday and Tuesday.
The Litecoin price is back in the green during the current session, with the price currently up by almost 2%. LTC has been extremely bullish during the current week, with the price rising by over 13% on Monday. Tuesday saw an even bigger increase, as LTC rose by over 14% and moved up to $262.03. However, the price dropped marginally on Wednesday, as sellers took control, but has recovered during the current session and moved to $265.
Litecoin Price Chart Indicates LTC Could Push To $280
The Litecoin price started the previous week on a bullish note, rising by 3.01% on Monday. The price pushed up on Tuesday and Wednesday, registering an increase of 1.60% and 3.17%, respectively, to settle at $207.37 at the end of Wednesday. Despite the prevailing bullish sentiment, the price fell into the red on Thursday, falling to $203.09. On Friday, a drop of almost 2% saw LTC slip below $200 and settle at $199.09 before a further drop of 0.65% on Saturday saw the price fall to $197.80.
Image: LTC/USD daily
After dropping to $197.80, the Litecoin price recovered on Sunday, pushing up by 2.20% and settling at $202.15. On Monday, the price continued to remain bullish as LTC started the week rising by over 13% and settling at $229.01. The bullish sentiment persisted on Tuesday, as the price pushed up by over 14%, settling at $262.03, before registering a marginal drop on Wednesday. However, LTC has recovered during the current session, and with the Parabolic SAR and MACD both bullish, we could see the price push up further during the current session.
Looking at IntoTheBlock’s IOMAP for the Litecoin price, we can see that LTC has strong support at around $250.03. At this price level, more than 100,000 addresses have bought over 2.8 million LTC.
Looking at the 4-hour Litecoin price chart, we can see that after pushing up to $207.61 on the 3rd, LTC fell into the red, dropping below the 20-bar SMA and settling at $197.94. With the 50-bar SMA acting as support at this level, the price recovered and pushed up to $200.19. However, with the 20-bar SMA now acting as resistance, the price dropped to $193.61, slipping below the 50-bar SMA. LTC made a strong recovery from this level, as the price pushed above the 20 and 50-bar SMAs and surged to $264.78. The price dropped to $257.25 from this level but recovered and rose to $287.81. LTC could not sustain this level and dropped to $257.10 before rising to its current level of $264.
Image: LTC/USD 4-hour
Litecoin Price Is Expected To Reach These Levels
The Litecoin price chart shows us that LTC has recovered during the current session after a marginal drop on Wednesday. If the bullish sentiment persists, then we could see LTC move past $265.