Litecoin Price Prediction: A Break of $120 Needed to Spur More Demand

Summary:

The Litecoin price prediction is for a break of the $120.50 resistance to spur some new demand for the LTC/USD pair.

The picture on the daily chart may be giving some hope to those with bullish Litecoin price predictions.

Following a relentless decline that commenced in November 2021, Litecoin prices fell from a high of $302 and are just above a third of that price. Previous rally attempts ended up becoming opportunities for additional selling. However, the emergence of several pinbar candles on the 21 July 2021 low at 105.34 appears to have prompted some demand for the LTC/USD.

Cryptos intelligence firm Santiment had pointed out in a tweet last week that there was a long-running accumulation by whales. Wednesday’s 3.48% gain may not count for much, but it could be the beginning of some whale-driven demand that the pair urgently needs.

Here is the Litecoin price prediction heading into the weekend.

LTC/USD Price Prediction

The LTC/USD pair’s uptick follows several hammer candles that lined up on the 105.34 support level. However, there needs to be more bullish momentum to take the pair towards 120.53. A break of this new level allows for a push towards 142.57, while 160.72 serves as an additional northbound target.

Conversely, a decline below 105.34 opens the door for further bearish action, targeting 95.25 (23 December 2020 low). The 16 December 2020 low is psychological support at 80.00, which becomes the next southbound target if further price deterioration occurs.