Litecoin price analysis: LTC poised for a 26% upside towards $200

2 months ago 21
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An upbeat sentiment crossed the marketplace and a spike successful caller addresses could catalyse a caller terms pump for Litecoin

Litecoin, similar astir different altcoins, posted immoderate large upside enactment implicit the play arsenic LTC bulls mirrored Bitcoin’s and Ethereum’s stellar performances. As the BTC terms broke to the $45,000 people for the archetypal clip successful implicit 2 months, Ethereum pumped connected the backmost of a palmy London hard fork to spot ETH/USD interruption the $3,000 level.

Litecoin took the cue to interruption supra $150, signaling 2 consecutive regular closes supra the level for the archetypal clip since 20 June. 

As of writing, LTC is trading astatine astir $149, somewhat little arsenic nett taking appears to beryllium limiting aboriginal greeting deals this Monday.

But if bulls resume the uptrend, they could spot a 26% upside to a cardinal absorption level.

Litecoin terms outlook

Litecoin terms has traded supra the 50 SMA enactment since a rebound disconnected lows of $1.04 saw buyers breach absorption astir $138. The bounce confirmed a treble bottommost signifier and consolidation supra the 50 SMA gave bulls a accidental to onslaught the absorption enactment astatine $147.

The terms has turned little since the rally to a 7-day precocious of $157, but a wide regular adjacent astatine oregon supra $150.79 would let LTC bulls to people much gains towards the flatlining 200 SMA adjacent $191.18.

A wide interruption of the obstruction for the LTC/USD brace would spot buyers marque a 26% determination from existent terms levels. 

This is an outlook that volition apt buoy bulls and pull caller involvement astir $200, giving buyers the accidental to propulsion past $200 and adjacent the 38.2% Fibonacci retracement level of the plaything from $301.79 to $104.07 astatine $226.26. 

LTC/USD regular chart. Source: TradingView

On the downside, Litecoin terms faces a imaginable dip beneath the 78.6% retracement level astatine $146.39. Buyers volition stay successful power if they clasp this level and question caller ground. As seen connected the illustration above, the regular RSI supra 50 supports the chances of an contiguous bounce.

A downturn though volition exposure LTC to bearish conditions suggested by the sloping 50 SMA curve astatine $133.83, with losses apt to bring the enactment enactment of $104.07 into play.

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