Litecoin Price Prediction: LTC set to break above the intraday high of $166

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TL;DR Breakdown

  • Litecoin price analysis chart is bullish.
  • A close below the $200 support level would indicate a weakening buying pressure.
  • Investors can anticipate Litecoin’s price to rise at least by 17%.

On September 21, the Litecoin price had a second flash crash, which bottomed out at $50. While the fall was significant, the recovery appears to be going well. The recent upswing has broken through a key barrier; LTC, on the other hand, must maintain support above it to confirm buyer activity.

Litecoin Price Prediction: General Price prediction

The LTC/USD pair rose 15% after finding a floor at $145.40, establishing a base, and forming a potential bottom. This rise topped the resistance level of $160.86. While this rally is remarkable, buyers must maintain above this barrier in order to confirm the flip’s success.

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If the market continues to rise and overcome resistance levels, it will trigger a second leg-up that would propel Litecoin price up to the immediate supply barrier at $178.39.

After the first flash crash occurred on September 7, LTC traded in a confined range between $8 and $9. After that, the market had consolidated around this level, as it had after the previous flash crash. As a result, the buyers will have difficulty pushing LTC past this point.

On the other hand, investors can anticipate Litecoin’s price to rise at least by 17%, but more likely to $189, which is the next barrier.

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Litecoin Price Prediction

4-hour chart. Source: TradingView

While a retest of $160.8​​6 is critical for the bullish thesis to endure, sometimes the sellers may push LTC down below it momentarily.

Although this may be negative, a rapid recovery will dispel the negativity and put LTC back on track.

A close below the $200 support level would indicate a weakening buying pressure. If Litecoin’s price fails to rebound and falls below the $145.40 support level, it will indicate a lack of demand. The bullish thesis will be invalidated if this demand barrier is broken.

4-hour Litecoin Price Prediction Chart: LTC set to reverse from the $165 support?

On the hourly chart, we can see that the Litecoin price is making a move to reverse higher as the $165 support level has proved to be strong resistance.

Litecoin Price Prediction

LTC/USD 4-hour chart. Source: TradingView

However, further gains could not be made last weekend, with only a modestly higher high established.

After reaching a high of $250, Litecoin’s price plunged to $230 before finding support at that level. At around $165, the previous resistance point was reached on Monday and has thus far provided strong cover.

Overall, if the $165 support line holds, we should anticipate LTC/USD to reverse over the weekend and resume its trip toward the $190 major resistance. Once the $190 barrier has been surpassed, Litecoin’s next objective is to reach $200.

Litecoin Price Prediction: Conclusion

The Litecoin price is rising today, as investors continued to trust in the $165 support after a severe sell-off last week. Bears are exhausted, and we think that LTC/USD will try to recover some of its losses over the next 24 hours due to this.

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