Bitcoin
BTC$48 706.73

-9.26%

Ethereum
ETH$4 059.61

-3.80%

Binance Coin
BNB$562.06

-5.77%

Tether
USDT$0.999843

-0.04%

Solana
SOL$200.85

-6.55%

Cardano
ADA$1.41

-10.52%

Litecoin (LTC) Is About to Move Sideways


March 2020

After a disappointing post-halving period, which saw Litecoin plunging from the 2019 highs of $142 - $144 to the lows at $37, Digital Silver has finally begun showing signs of recovery, as it had confidently broken out of the downtrend in the last days of December.

The past 30 days have been relatively productive for the creation of Charlie Lee - the coin gained 33% against the US Dollar and 19% against Bitcoin, but failed to outperform Ethereum.

What charts tell about the probable future of Litecoin


Let’s start reviewing the price action of LTC from large time frames in order to be able to comprehend the broader context. On the monthly chart, Litecoin has made an attempt to break out of the downtrend, which was lingering since the infamous 2018 crypto winter.

Monthly LTC/USDT chart

The year 2020 began very well for Litecoin since the currency has been increasing in value non-stop on the back of a massive buy volume, comparable to the one that this coin had during the 2019 minor bull market.

The current monthly candle is of utmost importance for the future trading strategy because it would serve as a confirmation of the looming bull market. Should this month end with a green candle with a thick body and relatively small wicks, we could begin to entertain the possibility of the formation of the three advancing soldiers pattern that has definite bullish properties. Otherwise, the market would show its indecisiveness and cancel out the most optimistic prognosis regarding Litecoin.

The same time frame shows where LTC would meet the most significant selling pressure, which is $140, the level that stands since April 2018. Moreover, that same resistance line almost coincides with the 0.382 Fibonacci retracement level, thus adding it extra strength. But before that, Litecoin has to pass the less pertinacious resistance at $106, which would serve as the first step on coin’s way to the much-anticipated price level at $200.

The weekly time frame further proves that bulls are gathering strength to make a push to the psychological resistance level at $100. The price has already made an attempt to go above the 200-period moving average, but so far didn’t manage to entrench above it.  

Weekly LTC/USDT chart

Nevertheless, Litecoin has been moving obediently within the confines of the ascending channel, making higher highs and lower lows in a diligent manner. But the 14-period RSI hints at the possibility of consolidation as it has begun moving horizontally just below the neutral level of 60. Furthermore, the candles that represent this week’s and last week’s price action have very slim bodies and short higher/lower wicks despite being formed on the back of the higher-than-average trading volume. This could only mean that the price is about to begin flowing within a horizontal trading corridor, thus opening up the opportunity for some scalping.

Daily LTC/USDT chart

The daily chart further confirms this notion by being unable to form a proper bullish flag and failing to produce even the slightest gains despite the occurrence of the golden cross. But, on the positive note, Litecoin doesn’t show any signs of weakness as it adheres to the support line and stays well above the 50-period moving average.

All in all, Digital Silver is on the rise right now, so traders shouldn’t try to invent the wheel and just go with the trend.

Author: Alex Paulson for: Crypto-Rating.com

Related

Litecoin Price Prediction for 2025 and 2030: The Restoration to Former Glory and Beyond
Litecoin Price Prediction for 2025 and 2030: The Restoration to Former Glory and Beyond
Litecoin (LTC) Goes Up After PayPal News
Litecoin (LTC) Goes Up After PayPal News
Litecoin (LTC): The Downtrend Continues
Litecoin (LTC): The Downtrend Continues
Litecoin (LTC): The Last Days in Top 10?
Litecoin (LTC): The Last Days in Top 10?
Litecoin (LTC): Has Digital Silver Got Itself Out of the Gutter?
Litecoin (LTC): Has Digital Silver Got Itself Out of the Gutter?
Litecoin (LTC) Is Still Caught in the Stalemate
Litecoin (LTC) Is Still Caught in the Stalemate
Litecoin (LTC) Continues to Cede the Ground to the Bears
Litecoin (LTC) Continues to Cede the Ground to the Bears
Litecoin (LTC) - Back to 2018?
Litecoin (LTC) - Back to 2018?
Litecoin: Price Recovery is Nowhere in Sight
Litecoin: Price Recovery is Nowhere in Sight

Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 75.2% 50 $48 706.73 -9.26% -10.81% $920 132 432 479 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 82.4% 33 $4 059.61 -3.80% -0.61% $481 495 723 238 ETH 7 days price change
3 Binance Coin (BNB) BNB Binance Coin predictions 82% 32 $562.06 -5.77% -6.99% $93 752 606 143 BNB 7 days price change
4 Tether (USDT) USDT Tether predictions 94% 1 $0.999843 -0.04% -0.10% $74 146 017 092 USDT 7 days price change
5 Solana (SOL) SOL Solana predictions 69.2% 62 $200.85 -6.55% 3.29% $61 387 860 524 SOL 7 days price change
6 Cardano (ADA) ADA Cardano predictions 64.8% 72 $1.41 -10.52% -9.18% $46 958 385 031 ADA 7 days price change
7 USD Coin (USDC) USDC USD Coin predictions 95.6% 2 $0.999385 -0.03% -0.05% $39 796 534 169 USDC 7 days price change
8 XRP (XRP) XRP XRP predictions 65.6% 70 $0.834001 -10.39% -11.92% $39 404 303 399 XRP 7 days price change
9 Polkadot (DOT) DOT Polkadot predictions 62.8% 76 $29.08 -14.58% -17.21% $28 721 201 555 DOT 7 days price change
10 Terra (LUNA) LUNA Terra predictions 66.8% 65 $71.05 5.47% 63.77% $27 565 404 822 LUNA 7 days price change
11 Dogecoin (DOGE) DOGE Dogecoin predictions 66% 74 $0.175319 -12.61% -14.55% $23 209 784 837 DOGE 7 days price change
12 Avalanche (AVAX) AVAX Avalanche predictions 64.8% 73 $90.70 -14.60% -19.51% $22 013 847 272 AVAX 7 days price change
13 SHIBA INU (SHIB) SHIB SHIBA INU predictions 64.8% 73 $0.000037 -9.62% -5.62% $20 243 352 002 SHIB 7 days price change
14 Crypto.com Chain (CRO) CRO Crypto.com Chain predictions 57.6% 86 $0.595382 -5.97% -25.47% $15 041 152 356 CRO 7 days price change
15 Binance USD (BUSD) BUSD Binance USD predictions 96% 1 $0.999915 0.09% -0.01% $13 732 244 013 BUSD 7 days price change

Be the first to receive Cryptocurrency Price Predictions and Forecasts daily

Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.

© 2015-2021 Crypto-Rating.com

The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.