Litecoin Market Analysis for 7th January 2021

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As Bitcoin (BTC) is rallying to fresh all-time peaks almost everyday for the start of 2021, Litecoin (LTC) has also recently seen a huge spike as cryptocurrency has pushed through the $170 mark today by about 40 percent below its all-time high price. The study of LTC moves appears to flash bullish signs for a sustained market surge.

Over the last fortnight, Litecoin has risen by more than 32 percent, and LTC currently has a market cap of $11,254,950,452 according to CoinMarketCap.

The Litecoin group is becoming more excited as the LTC rockets to its all-time peak of $360. Our theoretical review of the fluctuations of the LTC suggests more upward price movements for the altcoin.

LTC Price Analysis

ltc trend.png

Source: LTC/USD TradingView

On a weekly timeline, we can quickly notice that the Litecoin price trend has formed a W-shaped double bottom pattern. The first resistance is in the $180 region, and there could be a small retracement here before the LTC price begins.

ltc.png

Source: LTC/USD TradingView

If we look at the candlesticks in the weekly map, we can see that there was a bullish pin bar a few weeks ago, and the market keeps going for a few weeks after this candlestick. Paying attention to the closing candle for this week, if it closes about $170 or more, it will be a rather bullish price indicator to go higher than we expected above.

LTC price target (1).png

If it continues the uptrend as shown in the map, the mid-term price target will be $225.26, as set out in the chart above, and the long-term target would be $270.

At the time of publishing, the Litecoin price is $167, with LTC up by more than 6 per cent in the last 24 hours.

 

Image source: Shutterstock

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