Today’s Litecoin price prediction is bullish as the market continues moving higher after breaking above the $220 mark without much resistance and currently tests the $230 mark.
Cryptocurrency heat map. Source: Coin360
The overall market continues reaching new highs today as gains are seen across every major altcoin. Bitcoin and Ethereum – market leaders, have gained solid ground with 4.5 and 6.7 percent gains, respectively. Best performance is seen for Litecoin, as it is up by almost 7.5 percent.
LTC/USD opened at $220.83 today after very bullish yesterday, during which the price of Litecoin gained 10 percent from the low of $200 to the high of $220. No signs of stoppage are seen for the current price momentum. Therefore, we expect the Litecoin price to continue moving higher over the weekend and reach the all-time high of $245.
Litecoin price movement in the last 24 hours
The LTC/USD price moved in a range of $209.96 – $228.46, indicating a good amount of volatility for the market. Trading volume is up by 2.63 percent and totals $6.94 billion, while the market cap of $15 billion ranks Litecoin in 9th place.
On the 4-hour chart, we can see continuous bullish price action for the past 24 hours as the market has not had significant retracement of consolidation since reaching the $200 mark.
LTC/USD 4-hour chart. Source: TradingView
Overall, the market has had rough times over the past month. After setting a new all-time-high around $245 at the end of February, Litecoin reversed and retraced by almost 40 percent to the low of $155.
From there on, Litecoin bounced to the upside and regained much of the loss as it found resistance around $195. After a brief rejection, Litecoin found support at the $170 mark. From there on, the current bullish momentum for Litecoin started.
Earlier this week, the Litecoin price then tested the $195 mark, and some resistance was found. However, after a couple of hours and a small pullback towards the $180 mark, Litecoin did manage to break the resistance and consolidated around the $200 mark for some time.
On Friday, Litecoin started to push higher again and quickly reached the $220 mark, which previously acted as both very strong support and resistance last month, when Litecoin set the $245 all-time-high. The market momentum quickly broke above the $220 resistance and allowed Litecoin to reach the next resistance around $230. If LTC/USD can continue its current bullish momentum and break above the $230 mark, we are likely to see the all-time high of $245 tested tomorrow.
Alternatively, if the $230 resistance rejects Litecoin, we might see a strong retracement – likely towards the previous consolidation area around $200-$210. Litecoin will likely form a base and a higher low from there on, from which to push towards breaking the all-time high. This would be a healthy correction for the market as there has not been a decent retracement for several days now.
Litecoin price Prediction: Conclusion
Litecoin price prediction is bullish as there are no signs for the current momentum to slow down. If $230 current resistance is reached, we expect Litecoin price to push towards the all-time high of $245 next week and potentially set a new all-time high, indicating that we might see this month close with substantial gains.
Suppose the current resistance around the $230 mark actually offers resistance and rejects further bullish momentum, we are then likely to see Litecoin retrace for a couple of days and set a new higher low in preparation for further upside next week.
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