Litecoin Appears To Be Ready To Take The Next Step - Price Over $500 Expected Soon.

Litecoin Appears To Be Ready To Take The Next Step - Price Over $500 Expected Soon.

2021-11-12 | Eddy Morgan

Litecoin Appears To Be Ready To Take The Next Step - Price Over $500 Expected Soon.

Litecoin (LTC) appears to be on the verge of reaping some of the rewards of its present trajectory. The LTC has removed a lot of resistance, but there is still one more obstacle to overcome before continuing on. For the first time in approximately six months, Litecoin is attempting to recoup $300 USD in support. The thirteenth largest cryptocurrency on the market average has experienced a bullish price trend in recent days, gaining around 100 points in market value. The quick increase helped the LTC to break through a few resistance hurdles and lay a firm basis for prices to grow. Peter Brandt, a 40-year-old trading veteran, feels Litecoin is just getting started. Infraction in September The September 13 high of $238 could herald the start of a new uptrend. Brandt believes that continued purchasing pressure might cause LTC to revisit its 2021 high of $413. LTC

Source: TradingView

More crucially, the technical expert stated that the $1,000 target for Litecoin is "quite secure." He stated that the LTC is expected to form a cup and handle pattern on the weekly chart, which is a bullish indicator that extends upward. Prices are likely to range from around 1,800% to $8,000 during the $420 inflation break. A bullish target is calculated by calculating the distance between the bottom of the cup and the pattern's flow rate and extending that distance upwards from the explosion. Despite the fact that $8,000 is the highest aim for Litecoin, a 2021 high tech review of $413 may be the next in the near future. According to the IntoTheBlock In/Out of the Money Around Price (IOMAP) model, Litecoin has only one challenge ahead of it. Previously, 42,600 addresses were purchased for over 240,000 LTC between $311 USD and $320 USD. As a result of such a significant supply barrier, traders who were underwater may try to break even on their long holdings, slowing the climb. However, as Brandt points out, a strong closing above this resistance wall might result in a climb to $413. It is worth noting that Litecoin must be valued at more than $240 in order for a bullish forecast to be successful. Any indications of weakness at this price level may prompt investors to sell in order to avoid losses. Based on the transaction's history, an increase in sales pressure that pushes the LTC below $240 may result in a $200 or less correction.

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