Key Takeaways
- LTC’s price gains market interest as bullish price action builds over the last few weeks.
- If Litecoin breaks above $150, it could rally towards a year high of $300.
- Crypto experts speculate the price of LTC could outperform other crypto assets in the coming weeks as volume surges.
Following months of sluggish price action, trading in a range of $65 to $80, the price of Litecoin (LTC) has shown strong bullish price action over the last few weeks. The price of LTC broke out of its bearish downtrend of $80 with a strong rally above $100.
Despite the crypto market suffering a price decline across the market, with top crypto market caps such as Bitcoin, Ethereum, Solana, and XRP suffering sharp price declines, the price of Litecoin (LTC) remained strong above $100 as the price gained strong bullish price action.
Although the prospect of LTC hitting $300 in the short term looks interesting for crypto experts and investors, there is speculation suggesting the potential of $300 is never out of reach for LTC, given its current price dominance.
Will LTC become a top performer in August? Let’s find out.
Litecoin Price Analysis
LTC Price Chart – Source TradingView
The price of Litecoin (LTC) has crashed from previous year highs of $150 since its halving to a key zone of $65, seeking liquidity before a continuous price action to the upside. With bears dominating the price of LTC for the last 5 months, the price dropped towards $63, thereby forming a strong support.
After forming its support around this zone, the price of LTC rebounded towards $100, breaking key resistance on the higher timeframe and flipping its price action from bearish to bullish despite retracing towards $80 to confirm its key support zone.
The price of Litecoin has since shown strong bullish price action, trading above $120, as the price could continue its price action towards its psychological resistance of $150, with bulls aiming to break this point to the upside, with a potential target around $300.
While the price of LTC has suggested a bullish price action is imminent, its technical indicators and market sentiment have backed strong price action to the upside, with traders and investors looking to buy more LTC.
Also, BTC’s bullish price action has always correlated with LTC price action to the upside, as Litecoin could build on this market sentiment in the coming days to remain bullish as price eyes key resistance breakout.
What are crypto experts suggesting on LTC Price Prediction?
LTC Expert Price Prediction
The hype surrounding LTC is becoming real following a strong volume and rising price in the last few weeks around $80 breakout, as the price approaches the key resistance of $150, as crypto experts believe the LTC chart is the best-looking chart in the whole of Crypto Twitter.
Crypto expert and trader, Raintures, on his X account, analyzed the price action of LTC, noting a bullish trend since April. LTC currently trades above $120 ahead of a major breakout from its resistance. Raintures predict that a breakout above $150 could see a price rally towards $270 in the coming months.
George1Trader, on his X account, suggested the price of LTC has been in price accumulation since April; however, the price is on the verge of a breakout on the monthly timeframe, calling on traders to be patient. He further predicted the price of LTC could see over $300+ if the monthly price action breaks to the upside.
Conclusion
All technical signs and indicators point to a bullish price action for LTC in the last few weeks, with strong momentum indicating the price of LTC would continue its price action to the upside.
If the price of LTC on the monthly timeframe breaks above $150, the next target for the price would be a high of $300.
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