Litecoin Price Prediction: $200 Psychological Resistance is a Viable Target

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Written By: Eno Eteng (MSTA)

Mar 29, 2021, 15:20 BST 15:20

Litecoin LTCUSD

Summary:

The Litecoin price prediction calls for a possible ride towards the $200 mark, after LTC/USD showed a bullish violation of the current resistance at

Litecoin continues to trade in tandem with Bitcoin prices, notching up a gain of 6.00% as of the time of writing. Bitcoin prices have broken the critical $57,000 resistance, allowing for a similar move on Litecoin as both pairs maintain their positive correlation.

The LTCUSD pair has violated the 186.82 resistance level but needs a 3% penetration close above this level to confirm the breakout. The Litecoin price prediction following this breakout is for the price to aim for the 200.60 psychological resistance. Above this level, there is a resistance point at 209.13, which is where the high of 18 March is found.

This movement occurs within the context of the evolving symmetrical triangle, whose lower border connects the lows of 2 February, 22 February, 28 February and 26 March. This lower border needs to be taken out for bears to pursue targets at 165.48, with 157.08 and 142.37 lining up as additional targets to the south.

LTC/USD Daily Chart

Written By: Eno Eteng (MSTA)

Eno is a certified financial technician and member of the UK Society of Technical Analysts. He loves to trade and write about stocks, Forex, and CFDs. Since 2009, he has consulted several financial companies as a trader and strategy developer. His work can be seen on several forex blogs and trading educational websites.