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Altcoin investors are looking towards a more vibrant market in May and early signs of this change are emerging. Litecoin, which can be obtained from Binance and numerous other popular cryptocurrency exchanges, might spearhead the rise in the coming days. So, what do the current technical readings suggest? Could the rise be capped at $100?
Should You Buy Litecoin?
Despite a generally declining cryptocurrency market, the price of Litecoin (LTC) managed to rise last week, a decisive power indicator. The impending halving lies behind this, with only 59 days left. The expected LTC reward halving will most likely occur in the first week of August. The previous two halvings resulted in significant price surges.
The analysis of LTC’s daily time frame offers a positive forecast for its price, supported by several factors. Firstly, the price broke from the decreasing resistance line present since April 18, indicating completion of the previous correction. In doing so, the price also regained a significant support level. Thus, the current outlook suggests that LTC Coin is appealing.
LTC Coin Price Prediction
The LTC Coin price seems to have completed an A-B-C corrective structure, indicating a new bullish movement may soon commence. Lastly, the RSI provides a bullish reading. Similarly to the daily time frame, the short-term six-hour time frame also suggests a continuation of the rise. The main reason for this is wave counting. The Elliott Wave theory, heavily utilized by two popular analysts who reached their targets in May, assists in making accurate predictions in cryptocurrencies.
The LTC price started a five-wave increase since the bounce mentioned above on May 8. If so, it’s currently in this upward movement’s fifth and final wave. The most probable target for this movement’s peak is $102. However, due to the impending halving, investors may trigger a short-term FOMO, potentially pushing the peak to $150 with surpassing levels of $115 and $120.
To maintain the validity of the bullish expectation, the LTC Coin price should not close below $87.5.
