May 14, 2021

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Litecoin price prediction: LTC grinds towards $300 amid slowing momentum

3 min read

TL;DR

  • Litecoin price prediction turns bullish as LTC touches $283
  • The price rise is gradual and sloping upwards along with the rising price channel
  • Multiple small breakouts and minor consolidation create a higher high pattern
  • LTC/USD heading towards $300 next as bullish momentum continues
Litecoin price prediction: LTC grinds towards $300 amid slowing momentum 1
Cryptocurrency heat map by Coin360

Litecoin price is riding high on the broader crypto market wave that has seen many coins post fresh new highs. The price is trading above the crucial $265 support area. The Bollinger Bands are stretching but within a predictable range. Also, there have been multiple breakouts beyond the upper Bollinger Band, and the price is close to the upper edge of the bands.

The price has risen from $271 to touch a high of $283 in the last 24 hours. The move upwards has resulted in a sharp rise in the volumes following the rising price channel. The 50-day moving average is below the price and supporting the pair near the $247 level according to Litecoin price prediction studies. The market cap of Litecoin has touched $17.90 billion.

Over the past week, the bullish Litecoin price prediction has caused the price to rise by approximately 20.2 percent. The increase in volume is close to $6.289 billion, which corresponds to the rising liquidity in the overall crypto market.

Litecoin price movement in the last 24 hours: Riding the broader crypto wave

All across the cryptocurrency board, the coins are showing elevated bullish behavior. The LTC/USD pair is following a similar curve that is taking the price to new highs. Both BTC and ETH are also near fresh highs. After consolidating for 24 hours, the LTC/USD pair is back in action, albeit at a slow pace.

Yesterday, the price moved in a zig-zag fashion within the confines of the Bollinger Bands. The swing high of yesterday was at $273. At the start of the day, the price broke past the $273 resistance level and touched a fresh high of $283. A bullish wave took over the Litecoin price prediction, and the pair basked in its glory right from the start. However, some of the support and resistance levels are yet to be tested on the hourly charts.

Litecoin traders must take a close look at the $262 pivot point before jumping into a trade. At the time of writing, the price faces stiff resistance from $280 resistance where sellers are emerging fast. Profit booking may trigger a deeper correction near the $280 level. The resulting consolidation will help the bulls take advantage of the toned-down technical indicators.

LTC/USD 4-hour chart: Minor consolidation on the cards

Litecoin price prediction: LTC grinds towards $300 amid slowing momentum 2
Litecoin price chart by TradingView

Yesterday’s swing high at $273 is now proving to be a pivot point. The $280 level will cap any upside, and the price may undergo minor correction in the short term. In case the bulls push through, they will encounter the next resistance at the $291 level.

On the downside, the price is well supported at the $262 pivot level and then at the $250 level. Barring an extended sell-off, the pair is likely to stabilize near the $239 level. The second significant support available for the pair stands at $233. The pivot level at $262 will also be crucial in deciding the bounce-back patterns.

In case of an extreme reversal in price, the pair will find support at the 23.6 Fibonacci retracements at $215. There is ample support at $179, which is at 38.2 percent Fibonacci retracement of the current rally. The RSI is at 61, and the MACD is still in an extended cross-over. The bullish signals are also coming from Stochastic RSI, where the dots are still below the price, and the price channel is undergoing an upward slope as per Litecoin price prediction studies.

Litecoin price prediction conclusion: Slow grind towards $300

The hourly charts are showing a double top breakout starting from $244. The LTC/USD pair is trading with a bullish bias with a top resistance at $279. The upward channel is not only sloping up but is parabolic in shape, signaling a highly bullish trajectory of Litecoin price prediction.

Traders must keep a close watch on $279 resistance where profit booking can intensify quickly. The resultant downfall can demolish many support levels consecutively. So far, any adverse selling event is not on the charts, and Litecoin price prediction remains bullish.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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