Litecoin's future in shambles, ride to $78 after 10% dip
Litecoin, the so-called copy of Bitcoin has performed considerably better than its copy, especially before Litecoin's halving. LTC underwent a halving before Bitcoin did and hence saw an increase in its price by 135%.
As of 22 February 2020, the price of 1 LTC was at $75.64 and swerved under the Bitcoin SV with a market cap just above $5.1 billion. As the fifth-largest cryptocurrency in the world, Litecoin was up by 3% while every other alt in the top 10 was in the red. In terms of RoI, Litecoin is up by 78% since the start of 2020.
- Similar to most altcoins, LTC has topped off and is in descent.
- As the descend comes close to an end, the price is ready for a surge of 12-14% but only after a drop.
- The drop will take place until LTC reaches the centre of the bullish channel at $69.52.
60 Minute Litecoin ChartSource: Trading View.
The bullish channel posits a 12-22% surge for LTC. Depending on how far the price deteriorates, the percentage surge will also be affected. The bullish channel aka ascending channel is typically a bullish pattern, however, the price looks like it has more to shed. Since hitting the top band of the channel, the price will collapse another 10% to reach the centerline of the channel.
If the price finds support at this centerline, it will set it up for a bullish break to $78.26, possibly $80, which is also a 12% surge. However, if the bears push under the centerline at $69.52, this will cause the price to take refuge at the support - $64. The surge from here will face resistance at the centerline and finally reach the top of the parallel channel aka 22%.
Supporting this collapse to the centerline is the RSI indicator which will also reach 50 in the next few hours. As mentioned before, depending on the momentum, the price will surge or drop.
There is a 50-50 chance that the price will hit the centerline and surge to the upper band of the channel. However, if successful the price will breach in a bullish surge and hit the next level of resistance ranging from $83 to $85.
About The Author
Nick LeesonNick Leeson is an avid trader and cryptocurrency enthusiast. Introduced to cryptocurrencies in early 2016 by a misclick on a YouTube video, Leeson has grown increasingly fascinated by them. He owns cryptocurrencies to trade and complete his goals of growing his accounts from scratch. Leeson's favourite cryptocurrencies include a lot of mid-cap altcoin projects that have the potential to actually disrupt the future. Any and all technical analysis/price prediction by Leeson is not a financial and/or investment advice of any sort.
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