Why Litecoin Could Correct by 50% Despite LTC Future ‘Looking Really Good’: Important Price Levels to Watch
Litecoin (LTC), one of the oldest and most well-established cryptocurrencies, could be gearing up for a significant upward move, according to analysts at XForceGlobal. However, they caution that a 50% correction might be in the cards before the “monster move” to the upside.
In a recent tweet, XForceGlobal stated, “Litecoin is looking really good, if not great, even with a possible 50% pullback before the monster move to the upside.” They recommend a dollar-cost averaging (DCA) strategy, which involves investing a fixed amount at regular intervals, and patience when dealing with “dinosaur coins” like Litecoin, Ripple (XRP), Cardano (ADA), and EOS.
While XForceGlobal is bullish on Litecoin’s long-term prospects, they warn that a significant correction could precede the “monster move” to the upside. Specifically, they state: “I think it’s very possible for another corrective move if Bitcoin decides to ruin the show with another deeper ABC (could be -50% drawdown before it moves).” This suggests that if Bitcoin, the largest cryptocurrency by market cap, experiences a sharp decline, it could drag Litecoin down with it, potentially resulting in a 50% pullback for LTC before resuming its upward trajectory.
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Show more +AltFINS LTC Technical Outlook
According to AltFINS technical analysis, Litecoin’s price remains in an uptrend across all time horizons (short-, medium-, and long-term). The cryptocurrency recently bounced off the $80 support level and is currently around the $95 resistance zone.
Traders are advised to watch for two potential scenarios: 1) a break above $95, which could signal a continuation of the uptrend with a potential 10-20% upside to $105-$115, or 2) a pullback near the $80 support level, presenting another swing trade entry opportunity in the uptrend with the potential to revisit $95. A stop-loss is recommended at $74.
Source: altFINS – Start using it today
While the MACD line is below the MACD signal line, indicating bearish momentum, the Relative Strength Index (RSI) is above 55, suggesting bullish momentum. Additionally, the rising MACD histogram bars hint at a potential upswing in momentum.
Key Price Levels Support levels to watch are $80 (previous resistance) and $70, while resistance zones are $95 (which the price is currently at), $115, and $130. Traders may be watching for a daily close above the $95 level, which could further reinforce the bullish outlook.
Patience and a disciplined approach may be key for traders and investors navigating the cryptocurrency’s potential price movements.
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