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Litecoin Price Analysis Indicates LTC Will Surge Over $200

Lucas Cacioli   Jan 07, 2021 02:30 2 Min Read


   

As Bitcoin (BTC) rallies to new all-time highs on almost a daily basis for the start of 2021, Litecoin (LTC) has also recently seen a massive surge as the cryptocurrency pushed past the $170 level today around 40% below its all-time high price. An analysis of LTC movements continues to flash bullish signals for a continued price rally.

Litecoin price analysis

Over the past week, Litecoin has surged by over 32%, and  LTC now has a marketcap $11,254,950,452 according to CoinMarketCap.

The Litecoin community grows more excited as LTC surges towards its all-time high of $360. Our technical analysis of LTC's movements indicates further bullish price movements to come for the altcoin.

LTC Price Analysis

ltc trend.png

Source: LTC/USD TradingView

On a weekly timeframe, we can easily observe that Litecoin price trend has formed a W-shaped double bottom pattern formation. The first resistance is located at the $180 area, and it may have a minor retracement here before the LTC price takes off.

ltc.png

Source: LTC/USD TradingView

If we look at the candlesticks in the weekly chart, we can see that there was a bullish pin bar several weeks ago, and the price continues to rally for several weeks after this candlestick. Paying attention to the closing candle for this week, if it closes around $170 or higher, it would be a very bullish sign for the price to go further as we have predicted above.

LTC price target (1).png

If it follows the uptrend as indicated in the chart, the mid-term price target would be $225.26 as drawn in the chart above, and a long-term target of $270 level. 

At the time of writing, the Litecoin price is $167, with LTC up over 6% in the last 24 hours.


Image source: Shutterstock

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