The market is on the rise again after a good week of consolidation. Cryptocurrencies reach $ 3 trillion in capitalization. Bitcoin and Ethereum are signing new ATHs and heading towards the $ 72,000 and $ 50,000 bars respectively. However, the top 20 cryptocurrency that surprised the market with its excellent performance; it is Litecoin. The price of LTC shows an increase of more than 15% over the last 24 hours.
Indeed, after having crossed the threshold of $ 250, the price of Litecoin is approaching a little closer to its pre-crash ATH at $ 410.26. In this market in full revival, this technical challenge should not be so difficult to overcome. However, iThere is no major factor behind Litecoin’s latest rally, but investors seem to have had it in their sights for a few weeks.
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Technical analysis of Litecoin price
In daily, we can see that Litecoin continues its upward movement. He managed to break the $ 250 mark. If he can maintain it, the next bar would be below $ 250, he could hit $ 330 and by the end of the year knock down his ATH by $ 410.
Moving Averages: Litecoin’s price exceeds its 20- and 50-day moving averages are estimated at $ 200.9 and $ 182.3, respectively. When we visualize the graph, we can see the average of the 50 days is used as support for the LTC. So, it is imperative that the cryptocurrency defend this area for a medium term perspective.
Volume and RSI: The RSI momentum indicator shows that there is some pressure on LTC demand. Indeed, its value is 77.94 which apparently means that traders come out to buy Litecoin in the market. This is indeed true as LTC trading volume is up 146.23% over the last 24 hours. It is currently the third most traded crypto on the market behind bitcoin and Ethereum with its 6.8 billion intraday volume.
MACD: Its MACD is sending a bullish indication as it crosses the Signal line.
If history repeats itself: Rally can be up to $ 1,500
An AMB Crypto reporter noted an important coincidence in the price history of Litecoin. He found that the pattern for the third quarter of 2017 looks a lot like this year. So if it came back to producing the same performance as after 2017, it could reach $ 1,500.
However, the forecasting algorithms do not seem as bullish for the course of LTC. According to WalletInvestor, its value should increase to $ 292,380 in one year and $ 635,096 after 5 years. For Coinprice Forecast, the price of Litecoin will reach $ 476 at the end of 2022 and $ 806 in the year 2025.