As the bullish expectation grows in the crypto market, Litecoin takes the opportunity to scale, and today we discover where its price may be heading in 2021 with this analysis and forecast.
At the time of this writing, LTC is trading at $ 168.34, accumulating a loss of 8.50% in the last 24 hours. With a capitalization of $ 11,222 million, it ranks 15th in the Crypto Online ranking.
About to turn 10 years old, this cryptocurrency has managed to maintain itself as one of the leaders in the ecosystem, thanks to its characteristics making it a cheaper alternative to Bitcoin.
However, with the escalation of coins such as Binance coin, Polkadot or Cardano, Litecoin has been losing more and more relevance.
Even with this, a panel of experts conducted from Finder, produced a positive forecast for the price of LTC during 2021. With the participation of 42 panelists, on average they indicated a target price of $ 266 per coin before the end of the year, which means almost 60% profit from where you are currently.
But what do the charts tell us? Let’s find out below.
Litecoin analysis and forecast for 2021
In the time frame with daily candles we observe a positive scenario, with fast moving averages crossed to the upside, following the short-term uptrend.
Litecoin price is currently making a pullback, which began after being hampered by resistance at $ 182.22.
It is possible that we will see buying pressure on the demand zone on which LTC rests right now, around $ 165.38, looking to resume the short-term trend.
Should this occur, which is most likely, we would see the challenge of the 200-period SMA, and if it is crossed, the major trend would eventually be resumed.
The first target is at $ 209.00. The next one is at $ 293.86.
To think about sales, the support at $ 165.38 must be violated, which would open the way to a fall to $ 144.96.
From this time frame the analysis gives an encouraging forecast for Litecoin, but we continue to see it necessary to break through the resistance at $ 182.22.
However, the constant rejection of low prices, and the impossibility of setting lower lows, tells us that the bears are already sold out, and now the trend we saw developing during the first months of the year is being resumed.
If the named resistance is crossed, the ground will be cleared until the supply zone left by the annual maximum.
The buying pressure of the last few weeks also seems to be signaling the resumption of the long-term trend, a direction in which it can be made quite easy to reach new all-time highs.
After a major correction that started from the supply zone left by the high, it now appears that the bulls are convinced to remain in control.
After several years below the ATH of 2017, the generalized behavior of the market is already conducive to taking the price considerably higher.
All our publications are informative in nature, so in no case should they be followed as investment advice.