Litecoin may rally by 52% to achieve a brand new all-time excessive above $400, a crypto analyst says
Litecoin bulls need to maintain costs above the 100-day easy transferring common close to $257, which would supply a basis for recent good points.
Litecoin is at present buying and selling round $273 in opposition to the US greenback, about 4.5% up over the past 24 hours. The intraday good points have seen bulls get well a number of the latest losses to see LTC/USD flip inexperienced on the weekly timeframe.
Crypto analyst Altcoin Sherpa says LTC may surge to a brand new all-time excessive of $420 given its bullish outlook.
$LTC: Potential 50/200 bullish EMA cross on the 1D for BTC pair incoming, this could be very important IMO. Havent seen that since 2019. I am bullish on #Litecoin nonetheless and suppose it will go to $420. #LTC pic.twitter.com/I15n9oEwsI
— Altcoin Sherpa (@AltcoinSherpa) April 21, 2021
If this analyst’s view have been to carry, Litecoin may rise by practically 52% from its present value degree.
LTC value 4-hour outlook
The technical view for LTC/USD on the 4-hour chart suggests a bullish flip, regardless that bears would possibly nonetheless have a say given the lengthy shadow on the present candle.
Nonetheless, the RSI has climbed above the center line and at present prints 52, whereas the MACD is strengthening after a bullish crossover.
As may be seen on the chart under, LTC/USD is gaining momentum and rising above the 100 SMA. Uncertainty now appears to be resolving, with value heading upwards as bulls search to strengthen their place after bouncing off $257.
A excessive is shaped close to $279 the place LTC faces slight resistance on the wedge sample pattern line and the 61.8% Fib degree of the swing from $335 to $241.
A transparent break above this provide zone will enable patrons to focus on the 50% Fib degree ($288). One other leg up will carry into play a run to $313 after which the latest prime. If patrons break above the 52-week excessive of $335, they will then goal the all-time excessive of $375 reached in December 2017 after which, ultimately, $400.
If issues go the opposite method, the preliminary help degree is on the 78.6% Fib degree close to $261. The following demand zone is close to the 100 SMA ($257), whereas Litecoin’s value would possibly decline to $240 after which $215.