Litecoin is among the primitive assets which laid its foundation somewhere in between Bitcoin and Ethereum. Yet it failed to undergo a gigantic rally and remained distinct from its ATH for a long time. Yet after a long wait, the LTC price rose high to hit the ATH just before the May crash. And since then the asset on average is trending between $170 and $200.
Since the crash, Litecoin is facing a depleted influx of volume that kept the asset trading within a narrow range. However, altseason on the horizon, LTC price is all set to explode to new highs, following its competitors. The asset is expected to reach a 4-digit figure to hit close to $1500 as predicted by an analyst. The analyst TradingShot analyses the price rally since its inception and hints LTC price may hit $1500 by mid-2022.
The analysts list some common characteristics of LTC’s historic price action and expect these to repeat in time.
- The bear cycle ends after the price breaks above the lower highs trend-line and turns the 1-week MA100 into a support
- Further, a multi week parabolic rally starts that takes the price to a test of the previous ATH
- Later a new consolidation phase follows which is always above the 1-week MA100 and it leads to the final rally to new ATH
The RSI movement also showcases a pretty similar trend in each of Litecoin cycles which spikes after a notable consolidation. Currently, it seems that the trading on this consolidation phase but on higher lows could end very soon. And a final Litecoin price rally may initiate very soon that may uplift the LTC price. The price may reach FIB levels in between 1.382 & 1.5 or $1125 & $1570.
Collectively, Litecoin is gearing up itself to break through the consolidation in the coming days that could elevate the target above $700 in short term. However, as the volume gets back on track with increased user attention, then the target above $1000 could be pretty possible in the current bull rally.