Analyst Explains Why Litecoin Could Rally Past $420 This Cycle: LTC Price Analysis

October 28, 2024

Litecoin (LTC) Price Edges Out of Multi-Year Triangle—What Could Be Next?

Cryptocurrency analyst CaptainCrypto believes Litecoin (LTC) has the potential to rise above $420 per coin in the current market cycle. He points out that despite criticisms, Litecoin has consistently made higher highs and higher lows with each cycle.

While price drops can be sharp, Litecoin rebounds to reach new peaks – the last cycle peaked at $420. The tweet suggested we could see a spike beyond that level this cycle.

People like to rag on #Litecoin but here’s the reality:

Each cycle it’s made higher highs and higher lows. Is it volatile? Absolutely. Sometimes the shit drops like a rock price wise.

But you know what? It always comes back to make higher highs.

Last time was $420 per $LTC.…
— CaptainCrypto (@CaptainCrypto33) October 28, 2024

LTC Price Bullish in the Short-Term

Analytics firm AltFINS also sees a positive outlook for Litecoin in its recent price trend analysis. Litecoin broke out of a downwards channel pattern, indicating a potential trend reversal.

The price hit a target of $77, marking an 18% gain, but faced rejection at this resistance level aligned with the 200-day moving average.

The AltFINS analyst outlines two trade options. A break above $77 could extend the uptrend toward $90, offering 20% upside. Alternatively, a pullback to support at $60 provides a swing trade opportunity back to $77, with 25% potential upside.

Source: altFINS – Start using it today

Litecoin’s short and medium-term trends remain up, while the long-term trend is neutral. Momentum is bearish currently but signs suggest an impending upswing as MACD histogram bars rise and RSI sits in neutral territory. Key support levels are $60-50, while resistance lies at $77-$90.

Both CaptainCrypto and AltFINS analysts express optimism that favorable market conditions could propel Litecoin past its all-time high of $420 if trends continue upward from current price levels.

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