According to analysts, Litecoin may target more gains after its current trend. Although the price has cleared a major resistance, it is facing another hurdle before rising further. The $300 barrier is an important region where Litecoin has been trading below for about six months and can be used as support for the first time. According to Peter Brandt we go to these levels if exceeded…
Litecoin prepares for new uptrend
The fourteenth largest cryptocurrency by market cap has been in an uptrend for the past few days, gaining nearly 100 points in market cap. Litecoin is just getting started, says Peter Brandt, a 40-year trading master. With the break of the September 13 high of $238, we can start a new uptrend. Brandt argues that further buying pressure could see LTC retest its 2021 high of $413.
cryptocoin.com More importantly, Peter Brandt, whose analysis we shared, confirmed that a target of $1,000 for Litecoin is “pretty achievable.” He states that LTC may form a cup and handle on the weekly chart, which is considered a bullish signal expanding the uptrend. He also predicts that prices could rise by around 1,800% to $8,000 after breaking the ATH level of $420.
Such a bullish target is determined by measuring the distance between the bottom of the cup and the breakout level of the formation and extending this distance upwards without breaking.
LTC short term price analysis
For the short term, a technical retest of $413 could be the next move. IntoTheBlock’s IOMAP model shows that Litecoin only faces one hurdle. Roughly 42,600 addresses had previously purchased more than 240,000 LTC between $311 and $320. Overcoming this critical supply barrier may slow down the uptrend. Still, a decisive close above this resistance wall could likely result in a rise towards $413 as Brandt pointed out. Finally, it is worth noting that Litecoin must hold above $240 for the bullish outlook to be valid. Any signs of weakness at this price level may encourage investors to sell to avoid losses. Based on the trading history, an increase in selling pressure pushing LTC below $240 could turn into a correction to $200 or lower.
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