Litecoin could rally by 52% to reach a new all-time high above $400, a crypto analyst says
Litecoin bulls are looking to hold prices above the 100-day simple moving average near $257, which would provide a foundation for fresh gains.
Litecoin is currently trading around $273 against the US dollar, about 4.5% up over the last 24 hours. The intraday gains have seen bulls recover some of the recent losses to see LTC/USD turn green on the weekly time frame.
Crypto analyst Altcoin Sherpa says LTC could surge to a new all-time high of $420 given its bullish outlook.
$LTC: Potential 50/200 bullish EMA cross on the 1D for BTC pair incoming, this would be very significant IMO. Havent seen that since 2019. I’m bullish on #Litecoin still and think it’s going to go to $420. #LTC pic.twitter.com/I15n9oEwsI
— Altcoin Sherpa (@AltcoinSherpa) April 21, 2021
If this analyst’s view were to hold, Litecoin could rise by nearly 52% from its current price level.
LTC price 4-hour outlook
The technical view for LTC/USD on the 4-hour chart suggests a bullish flip, even though bears might still have a say given the long shadow on the current candle.
However, the RSI has climbed above the middle line and currently prints 52, while the MACD is strengthening after a bullish crossover.
As can be seen on the chart below, LTC/USD is gaining momentum and increasing above the 100 SMA. Uncertainty now seems to be resolving, with price heading upwards as bulls seek to strengthen their position after bouncing off $257.
A high is formed near $279 where LTC faces slight resistance at the wedge pattern trend line and the 61.8% Fib level of the swing from $335 to $241.
A clear break above this supply zone will allow buyers to target the 50% Fib level ($288). Another leg up will bring into play a run to $313 and then the recent top. If buyers break above the 52-week high of $335, they can then target the all-time high of $375 reached in December 2017 and then, eventually, $400.
If things go the other way, the initial support level is at the 78.6% Fib level near $261. The next demand zone is near the 100 SMA ($257), while Litecoin’s price might decline to $240 and then $215.
This post was originally published on Coinjournal.
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