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

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.

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.

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.

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.