Litecoin (LTC) is not far behind in the bullish run of the crypto market, increasing by more than 30% in the last 7 days. But where is it headed? Is it about to fall back? Find out in the Litecoin forecast below.
Litecoin Long Term Forecast
Since its birth, LTC has remained one of the largest cryptosystems.
Today it is ranked 7th in the world for its market capitalization, thanks to a price that has increased by more than 1,200% since its initial quotation. It has maintained a succession of increasingly high highs and lows throughout its history, making it clear that the long-term trend remains upward.
During the last few years, after the beginning of the crypto winter of 2018, Litecoin has remained locked in a large downward triangle. This can be categorized as the retreat before the continuation of the previous uptrend.
Recently, the base of this triangle was put to the test, and again was rejected quite strongly, proving impossible for bears to seek lower support.
A resumption of the long term uptrend involves waiting for a break in the downward line, which marks the formation of the triangle.
As long as the support line is not broken, the odds continue to favor buyers.
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LTC medium-term trend
To identify this trend, the 8-week EMA and 18-week SMA moving averages were used. They are currently crossed in an upward direction, indicating that the medium-term direction is upward.
With the breakout of the USD 48.15 resistance, this trend was reaffirmed, and the ground was cleared to USD 80, this if we only look at the weekly time frame.
We are currently seeing momentum in the process, and may soon see a reversal.
Either way, Litecoin’s forecast is still bullish, even though we may see the price breathe a little before it continues to rise.
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Short-term trend of LTC
On the daily chart, the 8-day EMA and 18-day SMA are crossed in an upward direction, following a succession of rising lows and highs. The 200-day SMA is also bullish at the moment.
Considering the barriers in this time frame, with the breakout of the resistance at approximately USD 49, the ground has been cleared to the supply zone around USD 63.
Currently, momentum is strongly upward, with no valid retracement. Therefore, it is possible that before a continuation of the uptrend, we will see some correction.
What do you think about this forecast? Is Litecoin just starting to rise? Let us know your opinion in the comments!
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