Litecoin might rally by 52% to succeed in a brand new all-time excessive above $400, a crypto analyst says
bulls want to maintain costs above the 100-day easy transferring common close to $257, which would supply a basis for recent good points.
Litecoin is presently buying and selling round $273 in opposition to the US greenback, about 4.5% up during the last 24 hours. The intraday good points have seen bulls get better a few of the latest losses to see LTC/USD flip inexperienced on the weekly timeframe.
Crypto analyst Altcoin Sherpa says LTC might surge to a brand new all-time excessive of $420 given its bullish outlook.
: Potential 50/200 bullish EMA cross on the 1D for BTC pair incoming, this is able to be very vital IMO. Havent seen that since 2019. I am bullish on nonetheless and suppose it should go to $420.
— Altcoin Sherpa (@AltcoinSherpa)
If this analyst’s view have been to carry, Litecoin might rise by almost 52% from its present worth stage.
LTC worth 4-hour outlook
The technical view for LTC/USD on the 4-hour chart suggests a bullish flip, although bears may nonetheless have a say given the lengthy shadow on the present candle.
Nonetheless, the RSI has climbed above the center line and presently prints 52, whereas the MACD is strengthening after a bullish crossover.
As might be seen on the chart beneath, LTC/USD is gaining momentum and rising above the 100 SMA. Uncertainty now appears to be resolving, with worth heading upwards as bulls search to strengthen their place after bouncing off $257.
A excessive is shaped close to $279 the place LTC faces slight resistance on the wedge sample development line and the 61.8% Fib stage of the swing from $335 to $241.
A transparent break above this provide zone will permit patrons to focus on the 50% Fib stage ($288). One other leg up will convey into play a run to $313 after which the latest high. If patrons break above the 52-week excessive of $335, they’ll then goal the all-time excessive of $375 reached in December 2017 after which, ultimately, $400.
If issues go the opposite approach, the preliminary help stage is on the 78.6% Fib stage close to $261. The following demand zone is close to the 100 SMA ($257), whereas Litecoin’s worth may decline to $240 after which $215.