We use cookies to offer a better browsing experience, analyze site traffic, personalize content, and serve targeted advertisements. By clicking accept, you consent to our privacy policy & use of cookies. (Privacy Policy)

Litecoin price prediction: How far can the rally take LTC?

The Litecoin price has been on a tear ever since testing its major support. But can the 35% bounce continue? And if so, what’s an achievable target for LTC? Litecoin is trading at $138.35, down 1.5% this morning, and higher by 17.45% in the last seven days. Currently, LTC has a market capitalization of $9.14 Billion, which ranks it as the 13th-largest cryptocurrency, behind Bitcoin cash.

In my report published on the 20th of July, I warned the Litecoin price was approaching “its day of reckoning”. Thankfully for the bulls, LTC passed the test with flying colours.

Not to mention, if LTC holds $100.00 and reverses higher, it will leave an encouraging double-bottom formation on the chart. This, in turn, could instigate short-covering, forcing the Litecoin price above the descending trend line.

After almost tagging the psychological $100 mark on the 20th, LTC has reversed course, gaining 34% following eight consecutive positive daily closes.

Furthermore, the technicals have flipped from ‘almost apocalyptic’ to positively bullish.

LTC price forecast

The daily chart highlights a clear double-bottom around $103.00. This is an encouraging sign for the bulls and provides a convincing level of price support.

Furthermore, the Litecoin price has broken out of its two-month downtrend and is attempting to climb above the 50-day moving average at $1338.13.

Notably, trading volume is increasing, which could indicate willing buyers are returning.

Given the positive technical developments, a likely destination for LTC is $191.00. The 100 DMA at $191.46 and the 200 at $191.09 offer robust resistance and may cap gains, at least on the first touch.

This bullish view depends on LTC remaining above the descending resistance-turned-support at $128.00. Should the price lose this support level, it invalidates the outlook and suggests the bears are back in control of the price.

Litecoin price chart

Litecoin price prediction

Follow Elliott on Twitter.